Appendix A  
FINANCIAL STATEMENTS  
Appendix B  
APPENDIX  
B
GLOSSARY OF SELECTED TERMS  
Approval in Principle: This refers to the granting of an initial permit/permission to  
any financial institution, pending the time it would meet the necessary  
requirements for operations to qualify it for a formal licence.  
Balance of Payments (BOP): These are records of economic transactions  
between the residents of a country and the rest of the world during a given  
period of time. The major components of a BOP are the current account, the  
capital and financial account, and the official settlement balance. The current  
account comprises transactions arising from the sale or purchase of goods and  
services and unrequited transfers, while the capital and financial account is the  
record of assets and financial transactions. The official settlement account is  
used to equalise any imbalance that may exist in the current and capital  
accounts, so that all the BOP accounts sum to zero.  
Balance of Payments Position: see Foreign Exchange and Balance of Payments  
Position  
Bank Credit is a major determinant of the money supply and is the amount of  
loans and advances given by the CBN, as well as deposit money banks to  
economic agents. This is the banking system credit to the economy which can  
be broken down into bank credit to government (net) and the private sector.  
Capital Expenditure: Payment for non-financial assets used in the production  
process for more than one year. Loan amortisation (capital repayment) is  
included.  
Cost of Capital is the cost incurred in securing funds or capital for productive  
purposes. The cost includes interest rate, legal, administrative and information  
8
search charges. This means that the cost of capital is likely to be greater than or  
equal to interest rates on loans.  
APPENDIX  
B
Cost of Funds: This refers to net expenses incurred in raising funds, including a  
reasonable profit margin. The expenses include the interest on deposits, reserve  
requirements and other administrative expenses, as a proportion of total funds  
borrowed.  
Credit Risk: Credit risk arises from the potential that an obligor is either unwilling  
to perform an obligation, or its ability to perform such an obligation is impaired,  
resulting in a loss to the Bank. In addition to direct accounting loss, credit risk  
should be viewed in the context of other economic exposures, including  
opportunity costs, transaction costs, and expenses associated with non-  
performing assets over and above the accounting loss.  
Debentures are fixed interest-bearing securities. They are usually of two types,  
debenture with a floating charge and debenture with a fixed charge.  
Debenture holders are creditors to the company rather than owners.  
Debt Stock/GDP: This measures the level of domestic indebtedness relative to  
the country’s economic activity.  
Discount House is a financial institution devoted to trading in government  
instruments (treasury bills, bonds, certificates, and other eligible instruments).  
Distressed Banks: These are banks with problems relating to illiquidity, poor  
earnings, and non-performing assets. The extreme case of distress is referred to  
as insolvency, which implies that a bank’s liabilities are more than its assets.  
Dutch Auction System (DAS): This is a method of exchange rate determination,  
through auction, where the bidders pay according to their bid rates. The ruling  
rate is arrived at with the last bid rate that clears the market where the  
authorities elect to operate a single exchange rate.  
9
Equity Price Risk: Equity price risk is the risk to earnings or capital resulting from  
adverse changes in the value of the equity-related portfolios of a financial  
institution. The price risk could relate to changes in the overall level of equity  
prices or price volatility that is determined by firm specific characteristics.  
Exchange Rate: This is the price of one currency in terms of another.  
External Assets: These are the reserves held by the monetary authorities, as well  
as the banking and non-bank public, in foreign countries. Thus, external assets  
comprise the external reserves and the private sector holdings of foreign  
exchange.  
APPENDIX  
B
External Reserves: These are portions of foreign exchange receipts saved by the  
monetary authorities for the purpose of enhancing the creditworthiness of the  
economy, protecting the international value of the domestic currency, and  
financing temporary shocks in the balance of payments. Reserves are held in  
the form of monetary gold, the reserve position at the International Monetary  
Fund (IMF), Special Drawing Rights (SDRs), and foreign bank balances.  
Federation Account: This is an account opened by the Federal Republic of  
Nigeria into which all revenues of the Federation are paid for eventual  
distribution to all tiers of government in Nigeria.  
Fiscal Deficit refers to the excess of expenditure over revenue of government. It  
is usually assessed by its size in relation to the nominal Gross Domestic Product  
(GDP). The fiscal deficits may be financed in various ways external borrowing  
and internal borrowing (banking system and non-bank public). It is inflationary  
when financed by the banking system, especially the central banks.  
Fiscal Operations: This refers to government financial transactions involving the  
collection, spending and borrowing of government for a given period.  
10  
Fixed Deposit Rate: When deposits are for a fixed period of time, say, 90 or 180  
days, the interest rates paid are called fixed deposit rates. They normally attract  
higher interest rates; early withdrawals may attract penalties in terms of forfeiture  
of interest income.  
APPENDIX  
B
Foreign Exchange: This is a means of international payments. It includes the  
currencies of other countries that are freely acceptable in effecting  
international transactions.  
Foreign Exchange and Balance of Payments Position: The foreign exchange  
position is the difference between foreign exchange receipts and foreign  
exchange disbursements. If receipts are higher than disbursements, there is a  
net inflow or an accretion to reserves. On the other hand, if receipts are lower,  
there is a net outflow and the reserves would be depleted. The balance of  
payments position is the difference between the receipts by the residents of one  
economy from the rest of the world and the payments by these residents to the  
rest of the world. An excess of receipts over payments shows a balance of  
payments surplus, while the reverse represents a deficit.  
When foreign  
exchange receipts and payments are adjusted for valuation changes in  
reserves, the net position would be identical to the balance of payments  
position.  
Foreign Exchange Risk: Foreign exchange risk is the current or prospective risk to  
earnings and capital arising from adverse movements in currency exchange  
rates. Foreign exchange risk may also arise as a result of exposures of banks to  
interest rate risk arising from the maturity mismatch of foreign currency positions.  
Government Expenditure: Payment or flow of financial resources out of  
government.  
High-powered Money: see Monetary Base  
11  
Interbank Interest Rate: This is the rate that applies to transactions among banks,  
mostly for overnight and other short-term funds.  
APPENDIX  
B
Interest Rate is the price of money. It is the opportunity cost of holding money  
and the return for parting with liquidity.  
Interest Rate Risk: Interest rate risk arises when there is a mismatch between  
positions, which are subject to interest rate adjustments within a specified  
period. Interest rate risk is usually assessed from two perspectives: the earnings  
perspective which focuses on the impact of variation in interest rate on accruals  
or reported earnings, and the economic value perspective which reflects the  
impact of fluctuations in interest rates on the economic value of a financial  
institution.  
Interest rate risk also includes risks associated with the term structure of interest  
rates and basis risk. Basis risk is also known as spread risk and it arises when a  
bank prices its assets and liabilities using different interest rate basis. On the  
other hand, risks associated with the term structure of interest rates are also  
known as the yield curve risk. The impact of shifts in the yield curve on earnings  
is evaluated using stress tests.  
Internal Balance: This refers to a state of convergence between domestic  
output and absorption or expenditure.  
When output is identical with  
expenditure, internal balance is considered to have been achieved and the  
rate of inflation is expected to be stable. The achievement of the savings-  
investment identity is also viewed as internal balance. Monetary and fiscal  
policies and external debt management measures are usually applied to  
achieve internal balance.  
Key Risk Indicator: A key risk indicator is a risk item that has been assessed to be  
important, given all relevant factors. This indicator is used to monitor exposure to  
12  
risks and could be quantitative or qualitative in nature. It should be forward-  
looking in order to serve as an effective risk mitigant.  
APPENDIX  
B
Liquidity Ratio: This ratio is defined as the ratio of total specified liquid assets to  
total current liabilities and reflects the liquidity position of a bank.  
Liquidity Risk: Liquidity risk is the potential loss to a bank, arising from either its  
inability to meet its obligations as they fall due or to fund increases in assets  
without incurring unacceptable costs or losses. Liquidity risk should not be seen  
in isolation, because financial risks are not mutually exclusive and liquidity risk is  
often triggered by consequences of other bank risks, such as credit, market and  
operational risks.  
Market Capitalisation is the market value of a company’s issued share capital. It  
is the product of the current quoted price of shares and the number of shares  
outstanding. The term is also used as a performance indicator of the capital  
market.  
Maximum Lending Rate: This refers to the rate charged by banks for lending to  
customers with a low credit rating.  
Minimum Rediscount Rate: This refers to the amount that is charged by the CBN  
for lending to banks in the performance of its function of lender-of-last resort and  
also as a signal of the desired direction of monetary policy.  
Monetary Base (or High-powered Money or Reserve Money) comprises certain  
liabilities of the CBN and includes currency-in-circulation and total bank  
reserves. The main sources of monetary base are the net foreign assets of the  
CBN, net claims on government, claims on deposit money banks, and other  
assets (net) of the CBN.  
Money Supply (or Money Stock) refers to the total value of money in the  
economy and this consists of currency outside banks with the non-bank public  
13  
(notes and coins) and deposits with the deposit money banks (DMBs). For  
purposes of policy, there are two variants of money supply in Nigeria M1 and  
M2. M1 is the narrow measure of money supply which includes currency outside  
banks with the non-bank public and demand deposits (current accounts) at the  
deposit money banks. M2 is the broad measure of money supply and includes  
M1 and savings and time deposits and foreign currency deposits at the DMBs.  
Savings and time deposits and foreign currency deposits are also called quasi-  
money. M2 measures total liquidity in the economy. Excess liquidity is the  
amount of liquidity over and above the optimum level of liquidity, determined  
by the levels of output and prices.  
APPENDIX  
B
Net Foreign Assets (NFA) constitute the foreign exchange holdings of the CBN  
and the deposit money banks, after netting out the claims of foreigners.  
Changes in NFA should reflect developments in the balance of payments. A  
deficit in the balance of payments would lead to a decrease in foreign asset  
holdings and, ultimately, the money stock. A surplus in the balance of payments  
produces the opposite effect.  
New Issues are securities raised in the primary market for the first time.  
Nominal Exchange Rate: The nominal exchange rate is the price of one  
currency relative to another.  
Nominal Interest Rate: This is the actual rental value paid for the use of money or  
credit. It includes the effects of inflation and uncertainty.  
Offer for Sale is an offer by shareholders to sell existing shares to the public. The  
sale is effected usually through stockbrokers and does not affect the capital  
base of a company.  
Offer for Subscription is an invitation by a company to the public to subscribe to  
new issues. This increases the capital base of the company.  
14  
Open Market Operations involve the discretionary power of the CBN to  
purchase or sell securities in the financial markets in order to influence the  
volume of liquidity and levels of interest rates which, ultimately, would affect  
money supply. When the CBN sells financial instruments, the liquidity (excess  
reserves) of the banking system reduces. This restricts the capacity of banks to  
extend credit or induce monetary expansion. On the other hand, when the  
CBN purchases such instruments, it injects money into the system and banks’  
ability to expand credit is enhanced.  
APPENDIX  
B
Operational Risk: Operational risk is the risk of loss resulting from inadequate or  
failed internal processes, people and systems, or from external events.  
Operational risk is present in virtually all banking transactions and activities.  
Other Assets (net) means the other assets of the CBN and deposit money banks  
less (their) other liabilities.  
Preference Shares are shares of companies on which dividends must be paid  
before any other shares.  
Prime Lending Rate: This is the interest rate applied to loans made to customers  
with the highest rating. For each bank, this rate also represents the minimum  
lending rate.  
Prudential Guidelines: These are guidelines and practices which all licensed  
banks are required to adhere to in reviewing and reporting their performance,  
particularly in the areas of credit portfolio classification and disclosure; the  
provision for non-performing facilities and interest accrual; the classification of  
other assets; and off-balance sheet engagements.  
Real Exchange Rate: This is the nominal exchange rate deflated by change in  
relative prices. See also Nominal Exchange Rate  
15  
Real Interest Rate: This is the nominal interest rate adjusted for expected  
inflation. In order to encourage savings, real interest rate is expected to be  
positive.  
APPENDIX  
B
Recurrent Expenditure: Expenditure on goods and services (other than capital  
assets) used in the process of production within one year. Interest on loans is  
included.  
Required Reserves are a fraction of commercial and merchant banks’ money  
held for the purpose of backing up their deposit operations and partly to control  
the level of liquidity in the economy. They are made up of cash reserves and  
liquid assets and specified in the form of ratios. The cash reserves ratio is the  
percentage of deposit money banks’ cash deposits with the CBN in relation to  
their total demand, savings and time deposits liabilities. The liquidity ratio is the  
percentage of banks’ liquid assets to their total deposit liabilities.  
Reserve Money: see Monetary Base  
Reserve Requirement refers to the proportion of total deposit liabilities which the  
deposit money banks are expected to keep as cash in vaults and deposits with  
the CBN. The CBN can control the money stock by varying the requirement as  
desirable. Usually, banks keep reserves over and above the legal requirement  
for safety. The cash ratio requires the deposit banks to keep a certain  
proportion of their total deposit liabilities as cash balances with the CBN, while  
the liquidity ratio stipulates the proportion of total deposits to be kept in  
specified liquid assets, mainly to safeguard the ability of banks to meet  
depositors’ cash withdrawals and ensure confidence in the banking system. The  
CBN also has powers to call for special deposits from banks for the purpose of  
controlling liquidity.  
16  
Rights Issues are shares offered to companies’ existing shareholders in  
proportion to the number of shares held and usually at below the market price  
to make the offer attractive.  
APPENDIX  
B
Savings Deposit Rate: The savings deposit rate is the amount paid by banks for  
funds withdrawable after giving seven days’ notice. This restriction is, however,  
seldomly applied.  
Total Reserves: This is the sum of required reserves and excess reserves.  
Vault Cash: Deposit money banks keep “petty cash” in their vaults for  
emergency transactions before they can access their accounts with the CBN.  
The amount so kept is called vault cash.  
Ways and Means Advances constitute a portion of credit by the CBN to  
government. These are temporary loans to government to bridge shortfalls in  
revenue. Statutorily, the CBN must not give more than 5.0 per cent of  
government’s current revenue.  
Yield Curve: Shows the relationship between the rate of interest and the time to  
maturity of different financial assets.  
17  
Appendix C  
Policy Circulars and Guidelines Issued in 2016  
APPENDIX  
C
1. BANKING SUPERVISION DEPARTMENT  
S/N Name of Circular  
Reference No.  
Date Issued  
1.  
Reminder on the Need for Timely Rendition BSD/DIR/GEN/LAB/09/001  
of Returns to the Credit Bureaux  
January 4, 2016  
2.  
3.  
Violation of Extant Market Rules  
Regulatory Access to Information  
BSD/DIR/GEN/FMDQ/01/001  
BSD/DIR/GEN/LAB/09/003  
January 6, 2016  
January 19,  
2016  
4.  
Annual Returns on the Rationalization and BSD/DIR/GEN/LAB/09/007  
Utilization of Branches and Other Outlets  
for Banks in Nigeria  
January 29,  
2016  
5.  
6.  
7.  
8.  
9.  
Need to Ensure Sanctity of Agreements in BSD/DIR/GEN/LAB/09/014  
the Interest of the Financial System  
March 8, 2016  
March 24, 2016  
April 18, 2016  
May 23, 2016  
June 2, 2016  
Review of the Banks Reported Non- BSD/DIR/GEN/LAB/09/021  
Performing Loans as at February 2016  
Submission of Cybersecurity Framework BSD/DIR/GEN/LAB/09/023  
and Processes  
Go-Live of SSL VPN for External Access to BSD/DIR/GEN/LAB/09/026  
CBN  
Compliance  
with  
Employees,  
e.t.c. BSD/DIR/GEN/LAB/09/027  
(Declaration of Assets) Act  
10. Publication of All Sources and Utilization of BSD/DIR/GEN/LAB/09/032  
Foreign Exchange by Market Dealer/DMBs  
June 24, 2016  
June 27, 2016  
11. Implementation of Higher Loss Absorbency BSD/DIR/GEN/LAB/09/030  
Requirement  
12. Review of Operational Guidelines for BSD/DIR/GEN/LAB/09/033  
Blacklisting  
June 28, 2016  
July 4, 2016  
13. Re: Need to Implement Measures to BSD/DIR/GEN/LAB/09/034  
Dissuade the Issuance of Dud Cheques in  
the Nigerian Banking System  
18  
14. Mandatory Registration and Listing of BSD/DIR/GEN/LAB/09/035  
Commercial Papers  
July 12, 2016  
APPENDIX  
C
15. De-marketing Complaints  
BSD/DIR/GEN/LAB/09/036  
BSD/DIR/GEN/LAB/09/037  
July 19, 2016  
July 27, 2016  
July 28, 2016  
16. Provisioning for Foreign Currency Loans  
17. Write-Off of Fully-Provided Non-Performing BSD/DIR/GEN/LAB/09/038  
Loans  
18. Stress Test on the Impact of the New BSD/DIR/GEN/LAB/09/040  
Foreign Exchange Framework on Banks'  
August 12, 2016  
Capital and Profitability  
19. Discontinuation of Prudential Returns BSD/DIR/GEN/LAB/09/043  
Rendition through the electronic Financial  
September 5,  
2016  
Analysis Surveillance System (eFASS)  
20. United Nations Security Council Resolution BSD/DIR/GEN/LAB/09/044  
(UNSCR) 2270 (2016  
September 21,  
2016  
21. Re: Circular to Deposit Money Banks BSD/DIR/GEN/LAB/09/047  
October 18,  
2016  
(DMBs)  
Compliance  
Compliance Officers  
on  
Appointment  
of  
Chief  
Officers and  
Executive  
22. Exposure Draft of the Proposed Framework BSD/DIR/GEN/LAB/09/048  
November 3,  
2016  
on Watch-List for the Nigerian Banking  
System  
23. Re: Spot Check to Verify the Accuracy of BSD/DIR/GEN/LAB/09/040  
the Interest Rates Submitted by Deposit  
Money Banks (DMBs) to the CBN for  
Weekly Publication  
November 11,  
2016  
24. Hong Kong Authorities Alert the Public on BSD/AML/CON/MIS/04/007  
November 12,  
2016  
the Circulation of Fake Hong Kong Dollar  
Notes  
25. Minimum Contents for Recovery Plans and BSD/DIR/GEN/LAB/06/002  
Requirements for Resolution Planning  
November 21,  
2016  
26. Standby Liquidity Contingency Funding BSD/DIR/GEN/LAB/09/050  
Plan  
December 19,  
2016  
27. Guidance Note to Banks and Discount BSD/DIR/GEN/IFR/09/130  
Houses on the Implementation of IFRS 9  
December 20,  
2016  
(Financial Instruments) in Nigeria  
28. Request for Data on Lending to the BSD/DIR/GEN/LAB/09/051  
Nigerian Power Sector  
December 23,  
2016  
19  
2.  
S/N  
FINANCIAL POLICY & REGULATION DEPARTMENT  
NAME OF THE CIRCULAR/GUIDELINES  
REFERENCE  
DATE ISSUED  
APPENDIX  
C
1.  
Reduction in Cash Reserve Requirement (CRR) FPR/DIR/GEN/CIR/01/002  
to enhance Banks’ Liquidity for Real Sector  
Financing  
8/01/2016  
2
3
Introduction of Negotiable Current Account FPR/DIR/GEN/CIR/01/003  
Maintenance Fee not exceeding N1/Mile  
20/01/2016  
22/01/2016  
Refund of Mandatory Caution Deposit  
FPR/DIR/GEN/CIR/01/004  
4
5
Circular to Banks and Other Financial Institutions FPR/DIR/GEN/CIR/06/001  
Secured Transactions and National Collateral  
Registry for MSME Financing in Nigeria  
29/06/2016  
01/09/2016  
Review of Restrictions and Limits on Level I and II FPR/DIR/GEN/CIR/06/002  
of the Tiered KYC Account  
6
7
Sanction Grid to Deposit Money Banks that FPR/DIR/GEN/CIR/06/003  
Participate under the Central Bank of Nigeria –  
Nigeria Electricity Market Stabilization Facility  
(“CBN – NEMSF”)  
Circular to All Deposit Money Banks on FPR/DIR/GEN/CIR/06/004  
enhancement of the minimum qualifications of  
Chief Compliance Officers (CCOs) and  
appointment of Executive Compliance Officers  
(ECOs)  
01/09/2016  
28/09/2016  
3.  
S/N  
TRADE AND EXCHANGE DEPARTMENT  
NAME OF THE CIRCULAR/GUIDELINES  
REFERENCE  
DATE ISSUED  
1.  
Cash Deposit into Domiciliary Accounts  
TED/FEM/FPC/GEN/01/001 11/01/2016  
2
3
4
Notice of Meeting of Foreign Exchange Officers TED/PFO/FPC/GEN/01/002 27/01/2016  
of Banks  
Returns on Nigerian’s Investments Offshore for TED/PFO/FPC/GEN/01/003 24/06/2016  
the Period 2006 - 2016  
Sales of Foreign Currency Proceeds of TED/FEM/FPC/GEN/01/004 22/07/2016  
International Money Transfers to Bureaux De  
Change Operators  
5
2016 Hajj Operations: Purchase of Pilgrims TED/FEM/FPC/GEN/01/005 04/08/2016  
Traveling Allowance (PTA)  
20  
6
7
Sales of Foreign Currency Proceeds of TED/FEM/FPC/GEN/01/006 09/08/2016  
International Money Transfers to Bureaux De  
Change Operators  
APPENDIX  
C
Foreign Exchange Sales to End Users  
TED/FEM/FPC/GEN/01/007 22/08/2016  
8
Re: Transactions in “Free Funds” by Authorised TED/FEM/FPC/GEN/01/008 22/08/2016  
Dealers  
9
Illicit International Money Remittances Through TED/FEM/FPC/GEN/01/009 25/08/2016  
the Banking System  
10  
Portfolio Investment in Nigeria  
TED/FEM/FPC/GEN/01/009 01/09/2016  
Re: Amendment of Memorandum 21 of the  
Foreign Exchange manual  
11  
Hong Kong Authorities Alert the Public on the TED/FEM/FPC/GEN/01/012 25/11/2016  
Circulation of Fake Hong Kong Dollar Bank  
Notes  
4.  
S/N  
CURRENCY OPERATIONS DEPARTMENT  
NAME OF THE CIRCULAR/GUIDELINES  
REFERENCE  
DATE ISSUED  
1.  
Penalty for Shortages and Counterfeits COD/DIR/GEN/CMF/09/077 26/11/2016  
Discovered in DMBs’ Deposits  
2
3
Deployment of Cash Activity Reporting Portal COD/DIR/GEN/CMF/09/044 14/10/2016  
(CARP) for the Banking Industry  
Wrong Entries in to Currency Issue Expenses COD/ADM/GEN/MIS/42/056 07/09/2016  
(C.I.E.)  
4
5
Sorting of Stock of Empty Aluminum Boxes  
COD/ADM/GEN/MIS/40/043 21/06/2016  
Exemption of Deposit Money Banks from the COD/DIR/GEN/BOA/03/093 24/02/2016  
5% Processing Fee on Mutilated Notes  
21  
5.  
BANKING AND PAYMENTS SYSTEM DEPARTMENT  
S/N Name of Circular  
Reference No.  
Date  
Issued  
29/12/2016  
APPENDIX  
C
1.  
2.  
BPS/DIR/CIR/01/013  
01/11/2016  
18/10/2016  
16/09/2016  
3.  
4.  
5.  
6.  
8/8/2016  
2/8/2016  
Circular to all Banks and other Financial BPS/DIR/CIR/03/005  
Institutions  
7.  
21/07/2016  
8.  
9.  
BPS/DIR/GEN/CIR/01/011  
03/05/2016  
03/05/2016  
25/02/2016  
09/02/2016  
04/02/2016  
01/02/2016  
19/01/2016  
22  
6.  
MONETARY POLICY DEPARTMENT  
S/N  
1.  
Name of Communiqué  
APPENDIX  
C
Central Bank of Nigeria, Communiqué No. 105 of the Monetary Policy Committee Meeting  
of Monday 25 and Tuesday 26, January, 2016  
2.  
3.  
4.  
5.  
Central Bank of Nigeria, Communiqué No. 106 of the Monetary Policy Committee Meeting  
of Monday 21 and Tuesday 22, March, 2016  
Central Bank of Nigeria, Communiqué No. 107 of the Monetary Policy Committee Meeting  
of Monday 23 and Tuesday 24, May, 2016  
Central Bank of Nigeria, Communiqué No. 108 of the Monetary Policy Committee Meeting  
of Monday 25 and Tuesday 26, July, 2016  
Central Bank of Nigeria, Communiqué No. 109 of the Monetary Policy Committee Meeting  
of Monday 19 and Tuesday 20, September, 2016  
6.  
Central Bank of Nigeria, Communiqué No. 110 of the Monetary Policy Committee Meeting  
of Monday 21 and Tuesday 22, November, 2016  
23  
Appendix D: Tables in the Appendices  
Table 1  
Selected Interest Rates  
(Per cent)  
2013  
2014  
2015  
2016  
2017 /1  
Mar  
Jun  
Sep  
Dec  
Mar  
Jun  
Sep  
Dec  
Mar  
Jun  
Sep  
Dec  
Mar  
Jun  
Sep  
Dec  
Mar  
Jun  
Sep  
Dec  
Government Securities  
Treasury Bill Issue Rate  
Monetary Policy Rate 3/  
Deposit Rates (Weighted Average)  
Savings  
10.33  
12.00  
12.28  
12.00  
11.68  
12.00  
11.42  
12.00  
12.28  
12.00  
10.23  
12.00  
10.02  
12.00  
10.77  
13.00  
10.77  
13.00  
9.95  
13.00  
10.36  
13.00  
4.57  
11.00  
5.53  
12.00  
8.32  
12.00  
14.00  
14.00  
13.96  
14.00  
13.60  
14.00  
13.50  
14.00  
13.20  
14.00  
13.05  
14.00  
1.77  
2.04  
2.43  
2.53  
3.38  
3.42  
3.43  
3.46  
3.76  
3.60  
3.72  
3.33  
3.26  
3.61  
4.05  
4.18  
4.23  
4.08  
4.08  
4.08  
Term Deposits Maturing in:  
7 days  
1 month  
3 months  
6 months  
12 months  
Over 12 months  
5.08  
7.95  
7.99  
7.43  
6.09  
7.38  
4.45  
7.58  
7.49  
7.07  
5.32  
6.19  
4.61  
7.61  
7.41  
6.90  
4.58  
5.26  
5.14  
7.78  
7.96  
7.44  
5.02  
6.81  
4.88  
8.30  
9.47  
10.14  
9.30  
10.28  
4.95  
8.46  
9.30  
9.52  
9.19  
10.00  
4.54  
8.41  
9.31  
9.48  
9.31  
9.72  
4.45  
8.58  
9.48  
9.77  
9.51  
10.14  
4.51  
8.42  
9.02  
9.88  
9.52  
8.70  
4.11  
9.02  
10.27  
10.81  
10.83  
9.79  
4.24  
9.08  
10.61  
10.89  
11.21  
9.87  
3.36  
7.11  
6.91  
5.78  
4.88  
4.55  
2.53  
7.01  
6.90  
5.97  
5.29  
4.61  
2.58  
6.62  
6.92  
6.59  
5.17  
5.32  
3.46  
7.50  
7.68  
7.47  
5.75  
5.05  
4.14  
8.53  
8.80  
10.23  
10.76  
7.90  
4.51  
8.58  
9.11  
10.56  
10.57  
7.87  
4.27  
8.65  
9.01  
10.68  
11.15  
8.58  
4.36  
9.11  
10.26  
11.46  
11.70  
7.24  
4.58  
9.09  
9.61  
11.14  
10.93  
7.41  
Lending Rates (Weighted Average)  
Prime  
16.61  
24.49  
6.99  
17.50  
10.39  
16.56  
24.58  
6.35  
18.23  
11.59  
16.76  
25.11  
6.06  
19.05  
16.88  
17.01  
24.90  
6.69  
18.21  
10.75  
16.69  
25.80  
8.73  
17.07  
10.50  
16.50  
26.07  
8.57  
17.50  
10.50  
16.44  
25.77  
8.46  
17.31  
10.89  
15.88  
25.91  
8.66  
17.26  
26.15  
16.90  
26.61  
8.34  
18.27  
12.59  
17.24  
26.84  
9.14  
17.71  
10.85  
17.02  
26.99  
9.32  
17.68  
8.12  
16.96  
26.84  
5.43  
21.41  
0.77  
16.82  
26.93  
5.38  
21.55  
4.32  
16.78  
26.93  
5.53  
21.40  
35.26  
17.09  
27.49  
6.15  
21.34  
14.50  
17.09  
28.55  
8.39  
20.15  
10.39  
17.43  
30.18  
8.54  
21.65  
13.11  
17.59  
30.94  
8.72  
22.22  
13.46  
17.88  
31.39  
9.02  
22.37  
20.44  
17.71  
30.99  
8.79  
22.20  
9.49  
Maximum  
Average Term Deposit  
Spread (Maximum Lending-Average Term Deposit)  
Inter-bank call Rate (weighted average)  
/1 Provisional  
Source: Central Bank of Nigeria  
24  
Table 2  
Loans Guaranteed under ACGSF by Size and Purpose  
(January December 2017)  
5,000 & Below  
Amount  
5,001 - 20,000  
Amount  
20,001 - 50,000  
Amount  
50,001 - 100,000  
Amount  
Above 100,000  
Amount  
Total  
Amount  
Percentage of Total  
Amount  
Purpose  
LIVESTOCK  
Poultry  
Cattle  
Sheep/Goat  
Others  
Sub-Total  
(N' Thousand)  
(N' Thousand)  
(N' Thousand)  
(N' Thousand)  
(N' Thousand)  
(N' Thousand)  
(N' Thousand)  
No  
No  
No  
No  
No  
No  
2,108  
224  
93  
No  
-
-
-
-
-
-
-
-
-
-
2
1
2
-
40.00  
20.00  
40.00  
-
40  
12  
45  
4
1,950.00  
550.00  
1,980.00  
200.00  
362  
97  
18  
66  
543  
35,140.00  
8,240.00  
1,600.00  
6,560.00  
51,540.00  
1,704  
486,606.00  
28,320.00  
7,240.00  
115,820.00  
637,986.00  
523,736.00  
37,130.00  
10,860.00  
122,580.00  
694,306.00  
5.68  
9.94  
0.70  
0.21  
2.33  
13.18  
114  
28  
391  
0.60  
0.25  
1.24  
7.77  
461  
2,886  
5
100.00  
101  
4,680.00  
2,237  
FISHERIES  
10  
-
500.00  
-
-
-
16  
800.00  
122  
11,220.00  
1,082  
968  
332,474.00  
225,186.00  
1,230  
3,684  
344,994.00  
401,202.60  
3.31  
6.55  
MIXED FARMING  
149  
1,843.80  
1,223  
52,287.80  
1,344  
121,885.00  
9.92  
7.62  
FOOD CROPS  
Vegetables  
Beans  
Soya Beans  
Grains  
-
-
-
1
-
1
-
-
-
-
-
-
-
-
-
89  
14  
7
3,997  
1,703  
5,810  
4,170.00  
690.00  
350.00  
163,119.65  
79,652.00  
247,981.65  
140  
100  
127  
3,519  
4,653  
8,539  
13,100.00  
9,440.00  
12,340.00  
303,774.83  
443,595.00  
782,249.83  
182  
66  
229  
2,012  
7,144  
9,633  
39,575.00  
13,670.00  
49,580.00  
421,180.63  
1,653,448.38  
2,177,454.01  
411  
180  
363  
11,419  
13,507  
25,880  
56,845.00  
23,800.00  
62,270.00  
925,084.16  
2,176,825.38  
3,244,824.54  
1.11  
0.48  
0.98  
30.75  
36.37  
69.68  
1.08  
0.45  
1.18  
17.56  
41.32  
61.60  
5.00  
-
5.00  
1,890  
7
1,897  
37,004.05  
130.00  
37,134.05  
Tuber/Roots  
Sub-Total  
CASH CROPS  
Oil Palm  
Rubber  
Ginger  
Cotton  
Groundnuts  
Cocoa  
Sub-Total  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
-
1
20.00  
-
-
-
-
-
46  
1
7
-
6
63  
123  
2,145.00  
40.00  
350.00  
-
300.00  
3,230.00  
6,065.00  
348  
2
22  
-
35  
678  
1,085  
34,640.00  
200.00  
2,000.00  
-
3,260.00  
63,850.00  
103,950.00  
437  
4
12  
-
39  
1,119  
1,611  
108,840.00  
1,500.00  
2,470.00  
-
7,390.00  
250,510.00  
370,710.00  
832  
7
41  
145,645.00  
1,740.00  
4,820.00  
-
10,950.00  
317,590.00  
480,745.00  
2.24  
0.02  
0.11  
-
0.22  
5.01  
7.59  
2.76  
0.03  
0.09  
-
0.21  
6.03  
9.13  
-
80  
1,860  
2,820  
20.00  
OTHERS  
-
-
2
25.00  
88  
4,500.00  
254  
24,550.00  
295  
72,681.92  
639  
101,756.92  
1.72  
1.93  
Total  
11  
505.00  
2,054  
39,122.85  
7,361  
316,314.45 11,887  
1,095,394.83  
15,826  
3,816,491.93  
37,139  
5,267,829.06 100.00  
100.00  
Source: Central Bank of Nigeria  
25  
Table 3  
Foreign Exchange Flows through the Economy  
(US$’ Million)  
FOREIGN EXCHANGE FLOWS  
INFLOW THROUGH THE ECONOMY  
A. Inflow through the CBN  
1. Oil  
2016 /2  
62,748.56  
21,066.19  
10,180.49  
10,885.70  
2017 /1  
90,997.87  
42,172.14  
10,369.18  
31,802.96  
2. Non-oil  
B. Through Autonomous Sources  
1. Non-oil Export  
2. External Account Purchases  
3. Invisibles  
41,682.36  
3,298.47  
331.81  
48,825.73  
2,528.53  
89.60  
38,052.08  
46,207.60  
OUTFLOW THROUGH THE ECONOMY  
A. Through the CBN  
25,553.60  
23,164.19  
15,818.33  
-
33,679.37  
23,164.19  
21,405.79  
-
1. rDAS Utilisation  
(I) wDAS/rDAS Sales  
(II)Inter-bank-FWD  
(III) BDC Sales  
(IV) Inter-bank Sales  
(V) Swaps  
4,167.66  
58.42  
6,304.60  
5,287.65  
-
10,535.98  
4,158.60  
5,600.06  
1,111.15  
-
(VI) Invisibles IFEM  
2. Drawings on L/Cs  
3. External Debt Service  
149.75  
351.15  
358.25  
422.49  
4. Govt. and International/Contributions, Grants&Equity  
(AFC Equity Participation)  
5. National Indpt Priority Projects (NIPP)  
6. Forex Special Payments (Cash Swap/FX Advance to MDAs)  
7. Other Official Payments  
8. Bank & SDR Charges  
Invests.  
-
25.16  
252.74  
4,375.38  
0.52  
29.99  
2.58  
123.71  
5,429.05  
9.74  
9. NSIA Transfers  
-
-
10. Funds Returned to Remitters  
11. 3rd Party MDA Transfers  
89.98  
2,101.18  
86.97  
2,684.19  
B. Through Autonomous Sources  
1. Imports  
2,389.41  
720.37  
3,126.60  
585.68  
2. Invisibles  
1,669.04  
2,540.92  
NET FLOW THROUGH THE CBN  
NET FLOW  
(2,098.00)  
37,194.95  
11,619.37  
57,318.50  
1/ Provisional  
2/ Revised  
Source: Central Bank of Nigeria  
26  
Table 4  
Currency in Circulation  
(Naira Billion)  
Vault Cash  
329.8  
Outside Banks Circulation  
1,446.7  
Year  
2013  
Month  
December  
1,776.4  
January  
February  
March  
April  
May  
255.2  
299.7  
347.8  
341.5  
312.5  
334.8  
331.2  
286.6  
305.1  
348.4  
346.9  
431.3  
1,332.9  
1,257.9  
1,226.2  
1,227.7  
1,204.8  
1,162.0  
1,236.6  
1,214.5  
1,242.8  
1,185.2  
1,231.0  
1,366.7  
1,588.1  
1,557.6  
1,574.0  
1,569.2  
1,517.2  
1,496.7  
1,567.8  
1,501.1  
1,547.9  
1,533.6  
1,577.9  
1,798.0  
2014  
2015  
2016  
June  
July  
August  
September  
October  
November  
December  
January  
February  
March  
April  
May  
266.3  
320.7  
347.3  
380.3  
356.3  
378.4  
390.0  
397.6  
418.5  
358.4  
372.5  
401.8  
1,395.4  
1,302.0  
1,471.1  
1,189.0  
1,315.1  
1,184.0  
1,184.5  
1,146.9  
1,219.0  
1,202.0  
1,260.7  
1,456.1  
1,661.7  
1,622.7  
1,818.4  
1,569.2  
1,671.3  
1,562.3  
1,574.5  
1,544.6  
1,637.5  
1,560.4  
1,633.2  
1,857.9  
June  
July  
August  
September  
October  
November  
December  
January  
February  
March  
April  
May  
347.1  
334.1  
369.7  
319.2  
353.1  
305.5  
290.6  
310.0  
316.9  
303.9  
320.8  
358.8  
1,378.0  
1,377.5  
1,441.4  
1,444.4  
1,393.7  
1,379.0  
1,374.1  
1,369.5  
1,477.4  
1,521.8  
1,587.1  
1,820.4  
1,725.1  
1,711.6  
1,811.1  
1,763.5  
1,746.7  
1,684.6  
1,664.7  
1,679.5  
1,794.3  
1,825.7  
1,907.9  
2,179.2  
June  
July  
August  
September  
October  
November  
December  
January  
February  
March  
April  
May  
363.6  
366.8  
322.6  
369.2  
377.3  
396.4  
327.6  
345.5  
345.7  
327.4  
342.6  
374.6  
1,631.0  
1,612.1  
1,661.0  
1,606.6  
1,520.6  
1,477.1  
1,442.2  
1,523.2  
1,435.3  
1,463.8  
1,553.5  
1,782.7  
1,994.6  
1,978.9  
1,983.6  
1,975.8  
1,897.9  
1,873.5  
1,769.8  
1,868.7  
1,781.0  
1,791.2  
1,896.2  
2,157.2  
2017 /1  
June  
July  
August  
September  
October  
November  
December  
1/ Provisional  
Source: Central Bank of Nigeria  
27  
Table 5  
Money Supply and Its Determinants  
(Naira Billion)  
1.Domestic Credit (net)  
14,535,204.72  
16,530,990.16  
21,612,452.09  
26,857,719.34  
25,863,280.61  
(a) Claims on Federal Government (net)  
By Central Bank  
By Commercial Banks  
-1,656,265.28  
-2,289,104.87  
596,989.86  
36,606.47  
-1,624,956.54  
-2,141,684.16  
456,749.02  
61,093.00  
2,891,946.66  
-1,653,067.50  
4,470,267.34  
74,746.83  
4,875,570.30  
109,158.25  
4,563,266.39  
203,145.66  
0.00  
3,574,029.08  
-420,457.04  
3,842,802.34  
151,683.77  
0.00  
By Merchant Banks  
By Non Interest Banks  
-756.74  
-1,114.40  
0.00  
(b) Claims on Private Sector  
By Central Bank  
16,191,470.00  
4,599,388.32  
11,543,649.93  
37,919.13  
18,155,946.70  
4,859,887.74  
13,210,053.57  
63,714.52  
18,720,505.43  
5,061,611.28  
13,568,543.70  
62,845.80  
21,982,149.04  
5,298,255.90  
16,500,150.26  
145,180.11  
22,289,251.54  
5,869,290.36  
16,193,858.35  
176,742.22  
By Commercial Banks  
By Merchant Banks  
By Non Interest Banks  
10,512.62  
22,290.88  
27,504.65  
38,562.77  
49,360.61  
(i) Claims on State and Local Governments 3/  
By Central Bank  
By Commercial Banks  
779,126.93  
0.00  
776,698.03  
1,428.90  
1,000.00  
734,194.86  
0.00  
731,794.86  
0.00  
2,400.00  
585,060.12  
0.00  
583,817.73  
0.00  
1,242.40  
989,541.97  
300,379.00  
681,830.36  
6,272.36  
1,494,813.41  
590,415.00  
892,044.23  
6,285.23  
By Merchant Banks  
By Non Interest Banks  
1,060.25  
6,068.95  
(ii) Claims on Non-Financial Public Enterprises  
By Central Bank  
By Commercial Banks  
23,578.28  
23,578.28  
0.00  
25,590.35  
25,590.35  
0.00  
25,588.01  
25,588.01  
0.00  
25,603.30  
25,603.30  
0.00  
27,524.42  
27,524.42  
0.00  
By Merchant Banks  
By Non Interest Banks  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
(iii) Claims on Other Private Sector  
By Central Bank  
15,388,764.78  
4,575,810.04  
10,766,951.89  
36,490.23  
17,396,161.50  
4,834,297.39  
12,478,258.71  
63,714.52  
18,109,857.30  
5,036,023.27  
12,984,725.98  
62,845.80  
20,967,003.77  
4,972,273.60  
15,818,319.90  
138,907.76  
20,766,913.71  
5,251,350.94  
15,301,814.12  
170,456.99  
By Commercial Banks  
By Merchant Banks  
By Non Interest Banks  
9,512.62  
19,890.88  
26,262.25  
37,502.52  
43,291.66  
(2) Foreign Assets (net) 4/  
By Central Bank  
8,658,649.73  
7,043,927.36  
1,611,727.94  
1,089.63  
7,214,268.10  
6,244,718.92  
972,774.36  
-6,373.02  
5,653,320.37  
5,545,320.51  
125,384.36  
-18,785.78  
1,401.28  
9,149,659.29  
8,790,652.82  
346,200.38  
11,711.36  
14,813,278.66  
14,427,134.20  
422,361.51  
-41,666.45  
5,449.39  
By Commercial Banks  
By Merchant Banks  
By Non Interest Banks  
1,904.80  
3,147.84  
1,094.72  
(3) Other Assets (net)  
Total Monetary Assets  
-7,504,890.90  
15,688,963.55  
-6,926,771.55  
16,818,486.71  
-7,235,941.34  
20,029,831.12  
-12,415,646.05  
23,591,732.58  
-16,675,147.08  
24,001,412.19  
Quasi-Money 5/  
Money Supply  
8,656,124.80  
7,032,838.75  
1,446,660.40  
5,586,178.35  
10,566,560.11  
6,251,926.60  
1,366,662.53  
4,885,264.07  
11,458,129.82  
8,571,701.30  
1,456,096.85  
7,115,604.46  
12,320,225.75  
11,271,506.82  
1,820,415.90  
9,451,090.92  
12,965,060.24  
11,036,351.95  
1,782,664.58  
9,253,687.37  
Currency Outside Banks  
Demand Deposits 6/  
Total Monetary Liabilities  
15,688,963.55  
16,818,486.71  
20,029,831.12  
23,591,732.58  
24,001,412.19  
GROWTH RATE OVER THE PRECEDING DECEMBER (%)  
Credit to the Domestic Economy (net)  
Credit to the Private Sector  
Claims on Federal Government (net)  
By Central Bank  
Claims on State and Local Governments  
Claims on Non-Financial Public Enterprises  
Credit to the Other Private Sector  
Foreign Assets (net)  
Other Assets (net)  
Quasi-Money  
Money Supply (M1)  
Broad Money (M2)  
14.47  
6.86  
32.50  
35.96  
17.01  
13.73  
12.13  
1.89  
6.44  
-5.77  
8.53  
13.04  
-16.68  
7.70  
22.07  
-11.10  
7.20  
12.13  
3.29  
151.45  
22.81  
9.08  
-0.01  
3.12  
-18.71  
1.08  
24.27  
17.42  
68.59  
106.60  
69.14  
0.06  
15.78  
61.85  
-71.58  
7.52  
-3.70  
1.40  
-26.70  
-485.18  
51.06  
7.50  
-0.95  
61.90  
-34.31  
5.23  
-2.09  
1.74  
6.23  
-4.26  
-19.92  
7.36  
-5.23  
1.32  
-4.58  
24.14  
5.90  
31.50  
17.78  
NOTES :  
1/ Revised  
2/ Provisional  
3/ For the purpose of monetary and credit survey, credit to government sector refers strictly to the Federal Government and excludes state and local governments.  
4/ External assets and liabilities were converted into naira at the official rate on the balance sheet date, except holdings purchased at the AFEM.  
5/ Quasi-Money consists of Time, Savings and Foreign Currency Deposits of Commercial, Merchant and Non-Interest Banks, excluding takings from Discount  
Houses.  
6/ Demand Deposits consist of state, local and parastatals deposits at the CBN; state, local and private sector deposits as well as demand deposits of  
non-financial public enterprises at commercial, merchant and non-interest banks.  
28  
Source: Central Bank of Nigeria  
29  
Table 6  
Banking System Credit to the Economy /1  
(Naira Million)  
End of Month  
Aggregate  
Credit to  
the Economy  
Credit to  
Federal  
Govt  
Credit to  
Private  
Sector  
Credit to  
Credit to  
Credit to  
Central Bank Credit to  
Deposit Money Banks Credit to  
State &Local Non-Financial 'Other' Private  
Federal  
Private  
Sector  
State &Local Non-Financial 'Other' Private  
Federal  
Government  
Private  
Sector  
State & Local 'Other'Private  
Governments  
Public  
Sector  
Government  
Governments  
Public  
Sector  
Governments  
Sector  
Enterprises  
Enterprises  
2013  
January  
February  
March  
April  
May  
June  
July  
August  
September  
October  
November  
December  
Monthly Average  
2014 /1  
January  
February  
March  
April  
May  
June  
July  
12,489,950.8 -2,502,762.4 14,992,713.2  
12,808,673.4 -2,276,494.7 15,085,168.1  
12,740,967.9 -2,520,968.2 15,261,936.1  
13,205,410.9 -2,202,764.5 15,408,175.4  
13,235,702.5 -2,249,527.4 15,485,229.9  
13,149,382.5 -2,542,654.4 15,692,036.9  
13,820,873.5 -1,975,740.9 15,796,614.4  
13,187,680.0 -2,913,532.9 16,101,212.8  
13,087,907.2 -3,191,362.4 16,279,269.6  
13,627,297.3 -2,649,138.7 16,276,436.0  
14,092,904.4 -2,358,883.3 16,451,787.7  
14,535,204.7 -1,656,265.3 16,191,470.0  
13,331,829.6 -2,420,007.9 15,751,837.5  
680,685.4  
649,633.7  
662,014.3  
690,871.3  
652,143.0  
661,034.9  
723,398.1  
724,922.2  
704,921.5  
708,413.3  
732,202.6  
779,126.9  
697,447.3  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
14,312,027.9 -3,538,254.0 4,698,428.5  
14,435,534.4 -3,351,341.3 4,741,575.2  
14,599,921.8 -3,375,852.3 4,754,751.8  
14,717,304.1 -3,041,688.8 4,795,017.2  
14,833,086.9 -3,022,021.9 4,687,396.6  
15,031,002.0 -3,519,920.5 4,703,313.2  
15,073,216.3 -2,854,748.1 4,651,415.6  
15,376,290.6 -3,007,231.7 4,638,051.2  
15,574,348.2 -2,990,577.3 4,820,183.7  
15,568,022.7 -2,735,348.5 4,835,381.8  
15,719,585.1 -2,606,418.5 4,829,926.2  
15,388,764.8 -2,289,104.9 4,599,388.3  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
4,698,428.5 1,035,491.6  
4,741,575.2 1,074,846.5  
10,294,284.7  
10,343,592.9  
10,507,184.3  
10,613,158.2  
10,797,833.4  
10,988,723.7  
11,145,198.8  
11,463,161.6  
11,459,085.9  
11,441,054.3  
11,621,861.5  
11,592,081.7  
11,022,268.4  
680,685.4  
649,633.7  
662,014.3  
690,871.3  
652,143.0  
661,034.9  
723,398.1  
724,922.2  
704,921.5  
708,413.3  
732,202.6  
779,126.9  
697,447.3  
9,613,599.3  
9,693,959.2  
9,845,170.0  
9,922,286.9  
10,145,690.3  
10,327,688.8  
10,421,800.7  
10,738,239.4  
10,754,164.4  
10,732,640.9  
10,889,658.9  
10,812,954.7  
10,324,821.1  
4,754,751.8  
4,795,017.2  
4,687,396.6  
4,703,313.2  
4,651,415.6  
4,638,051.2  
4,820,183.7  
4,835,381.8  
4,829,926.2  
4,575,810.0  
4,727,604.2  
854,884.1  
838,924.3  
772,494.5  
977,266.1  
879,007.2  
93,698.8  
-200,785.1  
86,209.8  
247,535.2  
632,839.6  
607,701.0  
0.0  
0.0  
0.0  
0.0  
23,578.3  
1,964.9  
23,578.3  
1,964.9  
15,052,425.4 -3,027,709.0  
4,729,569.1  
15,585,742.8  
15,681,565.8  
15,895,639.5  
15,837,848.6  
15,763,644.0  
-478,512.5 16,064,255.3  
-712,493.7 16,394,059.5  
-618,593.8 16,514,233.3  
-938,408.4 16,776,257.0  
-971,628.1 16,735,272.1  
791,235.1  
748,611.2  
756,726.5  
758,162.6  
760,566.4  
733,441.2  
740,748.3  
735,423.1  
726,150.2  
763,930.8  
727,620.2  
734,194.9  
748,067.5  
33,009.9  
26,006.2  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
25,590.3  
24,741.3  
15,240,010.4 -1,103,713.9 4,611,683.9  
15,619,442.2 -1,306,751.9 4,644,813.2  
15,733,919.1 -1,281,773.9 4,635,983.4  
15,994,506.7 -1,546,103.0 4,711,258.2  
15,951,118.0 -1,854,662.8 4,701,546.1  
16,224,986.9 -2,913,883.1 4,702,336.0  
16,503,247.2 -2,877,803.5 4,695,207.2  
16,656,040.3 -2,739,737.3 4,697,098.0  
16,931,244.4 -2,579,437.6 4,697,821.7  
17,081,929.1 -2,527,660.6 4,950,410.2  
17,377,288.3 -2,562,867.5 4,884,003.6  
17,396,161.5 -2,141,684.2 4,859,887.7  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
33,009.9  
26,006.2  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
23,587.7  
25,590.3  
24,741.3  
4,578,674.0  
4,618,807.1  
4,612,395.7  
4,687,670.4  
4,677,958.4  
4,678,748.3  
625,201.4  
594,258.2  
663,180.0  
607,694.6  
883,034.7  
940,279.2  
11,452,571.4  
11,749,246.3  
11,878,250.0  
12,064,998.8  
12,033,726.0  
12,279,679.8  
12,572,376.0  
12,717,953.1  
12,983,160.7  
12,919,037.4  
13,244,492.6  
13,296,059.0  
12,432,629.3  
791,235.1  
748,611.2  
756,726.5  
758,162.6  
760,566.4  
733,441.2  
740,748.3  
735,423.1  
726,150.2  
763,930.8  
727,620.2  
734,194.9  
748,067.5  
10,661,336.3  
11,000,635.1  
11,121,523.4  
11,306,836.3  
11,273,159.6  
11,546,238.6  
11,831,627.8  
11,982,530.0  
12,257,010.5  
12,155,106.6  
12,516,872.5  
12,561,864.1  
11,684,561.7  
15,008,411.8 -1,973,603.9 16,982,015.7  
15,602,434.4 -1,665,148.7 17,267,583.2  
15,668,815.3 -1,746,235.8 17,415,051.1  
16,095,936.3 -1,585,046.1 17,680,982.4  
16,297,685.1 -1,571,762.5 17,869,447.6  
16,380,290.6 -1,748,205.6 18,128,496.2  
16,530,990.2 -1,624,956.5 18,155,946.7  
15,862,417.0 -1,302,883.0 17,165,300.0  
4,671,619.4 1,212,654.8  
August  
4,673,510.3  
4,674,234.0  
4,926,822.5  
4,860,415.8  
4,834,297.4  
4,707,929.4  
993,501.5  
994,391.5  
955,898.1  
814,661.9  
516,727.6  
816,790.3  
September  
October  
November  
December  
Monthly Average  
2015  
16,392,491.2 -2,119,673.3  
4,732,670.8  
January  
February  
March  
April  
May  
June  
July  
August  
September  
October  
November  
December  
Monthly Average  
20,148,715.4 1,973,084.7 18,175,630.7  
20,485,155.9 1,732,411.5 18,752,744.4  
20,635,772.0 1,985,433.7 18,650,338.3  
19,990,580.1 1,590,233.2 18,400,346.9  
21,042,266.9 2,363,590.7 18,678,676.3  
21,409,774.2 2,511,101.1 18,898,673.1  
21,542,547.3 2,875,906.7 18,666,640.6  
21,393,011.5 2,760,460.3 18,632,551.2  
21,519,790.1 2,786,333.5 18,733,456.6  
21,348,605.0 2,260,615.0 19,087,990.0  
20,470,803.5 1,762,749.4 18,708,054.1  
21,612,452.1 2,891,946.7 18,720,505.4  
20,966,622.8 2,291,155.5 18,675,467.3  
471,271.6  
523,282.4  
544,585.7  
534,687.4  
483,597.1  
472,792.8  
501,885.9  
416,312.6  
398,264.4  
444,594.5  
503,201.6  
585,060.1  
489,961.3  
25,588.0  
25,588.0  
25,588.0  
23,587.7  
25,588.0  
51,033.5  
25,588.0  
25,588.0  
192,913.6  
468,281.2  
25,588.0  
25,588.0  
78,376.7  
17,678,771.1 -1,737,093.9 4,859,710.4  
18,203,873.9 -1,723,079.6 4,883,528.4  
18,080,164.6 -1,563,080.2 4,918,937.3  
17,842,071.7 -1,545,824.2 4,711,258.2  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
25,588.0  
25,588.0  
25,588.0  
23,587.7  
25,588.0  
51,033.5  
25,588.0  
25,588.0  
192,913.6  
468,281.2  
25,588.0  
25,588.0  
78,376.7  
4,834,122.3 3,710,178.6  
4,857,940.4 3,455,491.0  
4,893,349.3 3,548,513.9  
4,687,670.4 3,136,057.4  
4,908,109.4 3,201,306.9  
5,042,038.0 3,280,618.5  
5,040,397.0 3,235,770.4  
5,081,729.9 3,295,637.8  
5,082,334.9 3,828,520.6  
5,067,541.4 4,086,880.3  
5,067,331.4 4,208,514.1  
5,036,023.3 4,545,014.2  
4,966,549.0 3,627,708.7  
13,315,920.3  
13,869,216.0  
13,731,401.0  
13,689,088.7  
13,744,978.9  
13,805,601.6  
13,600,655.5  
13,525,233.4  
13,458,208.1  
13,552,167.5  
13,615,134.7  
13,658,894.2  
13,630,541.6  
471,271.6  
523,282.4  
544,585.7  
534,687.4  
483,597.1  
472,792.8  
501,885.9  
416,312.6  
398,264.4  
444,594.5  
503,201.6  
585,060.1  
489,961.3  
12,844,648.7  
13,345,933.6  
13,186,815.4  
13,154,401.3  
13,261,381.8  
13,332,808.8  
13,098,769.6  
13,108,920.7  
13,059,943.7  
13,107,573.0  
13,111,933.1  
13,073,834.0  
13,140,580.3  
18,169,491.1  
18,374,846.7  
18,139,166.6  
18,190,650.6  
-837,716.2 4,933,697.4  
-769,517.4 5,093,071.5  
-359,863.7 5,065,985.1  
-535,177.5 5,107,317.9  
18,142,278.6 -1,042,187.1 5,275,248.5  
18,175,114.4 -1,826,265.3 5,535,822.5  
18,179,264.5 -2,445,764.7 5,092,919.4  
18,109,857.3 -1,653,067.5 5,061,611.3  
18,107,129.3 -1,336,553.1  
5,044,925.7  
Source: Central Bank of Nigeria  
30  
Table 6 Cont.  
Banking System Credit to the Economy 1/  
(Naira Million)  
End of Month  
Aggregate  
Credit to  
the Economy  
Credit to  
Federal  
Govt  
Credit to  
Private  
Sector  
Credit to  
Credit to  
Credit to  
Central Bank Credit to  
Deposit Money Banks Credit to  
State &Local Non-Financial 'Other' Private  
Federal  
Private  
Sector  
State &Local Non-Financial 'Other' Private  
Federal  
Government  
Private  
Sector  
State & Local 'Other'Private  
Governments  
Public  
Sector  
Government  
Governments  
Public  
Sector  
Governments  
Sector  
Enterprises  
Enterprises  
2016  
January  
February  
March  
April  
May  
June  
July  
August  
September  
October  
November  
December  
Monthly Average  
22,358,143.3 3,417,394.8 18,940,748.6  
22,568,685.7 3,516,381.2 19,052,304.5  
22,664,815.7 3,781,378.7 18,883,437.0  
23,312,346.2 3,932,580.4 19,379,765.8  
23,070,907.8 4,031,554.4 19,039,353.4  
24,623,626.7 3,171,443.5 21,452,183.3  
25,424,599.1 3,004,853.1 22,419,746.0  
26,356,276.3 3,550,157.1 22,806,119.2  
26,254,661.0 3,514,975.1 22,739,685.8  
26,700,723.5 3,520,265.4 23,180,458.1  
26,695,865.7 3,579,216.8 23,116,648.9  
26,857,719.3 4,875,570.3 21,982,149.0  
24,740,697.5 3,657,980.9 21,082,716.6  
614,996.1  
687,443.0  
669,147.4  
690,029.3  
729,488.7  
729,427.5  
763,867.9  
887,056.7  
833,146.2  
871,631.5  
923,449.1  
989,542.0  
782,435.5  
190,138.9  
286,200.7  
170,006.9  
595,990.6  
187,291.8  
319,694.1  
319,785.5  
428,581.3  
345,937.0  
552,999.6  
376,976.1  
25,603.3  
18,135,613.6 -1,388,814.5 5,212,402.5  
18,078,660.8 -1,342,344.5 5,302,035.0  
0.0  
0.0  
0.0  
190,138.9  
286,200.7  
170,006.9  
595,990.6  
187,291.8  
319,694.1  
319,785.5  
428,581.3  
345,937.0  
552,999.6  
376,976.1  
25,603.3  
5,022,263.6 4,806,209.3  
5,015,834.4 4,858,725.8  
4,996,678.3 4,632,087.5  
4,999,639.7 4,553,786.2  
5,050,137.3 4,387,890.2  
5,055,446.9 4,357,205.1  
5,164,210.7 4,471,759.8  
5,431,606.6 4,603,032.8  
5,552,935.1 4,790,268.0  
5,660,190.2 4,698,183.0  
5,732,451.9 4,507,122.9  
4,972,273.6 4,766,412.1  
5,221,139.0 4,619,390.2  
13,728,346.1  
13,750,269.4  
13,716,751.9  
13,769,555.2  
13,787,344.0  
16,049,242.3  
16,888,489.8  
16,802,761.3  
16,694,863.8  
16,783,544.2  
16,784,611.9  
16,683,893.1  
15,453,306.1  
614,996.1  
687,443.0  
669,147.4  
675,449.0  
714,908.4  
701,627.5  
716,607.9  
743,886.7  
687,196.2  
687,907.5  
700,840.1  
689,163.0  
690,764.4  
13,113,350.0  
13,062,826.5  
13,047,604.5  
13,094,106.1  
13,072,435.6  
15,347,614.8  
16,171,881.9  
16,058,874.6  
16,007,667.6  
16,095,636.7  
16,083,771.8  
15,994,730.2  
14,762,541.7  
18,044,282.8  
18,093,745.9  
18,122,572.9  
-850,708.8 5,166,685.1  
-621,205.8 5,610,210.6  
-356,335.8 5,252,009.4  
14,580.3  
14,580.3  
27,800.0  
47,260.0  
143,170.0  
145,950.0  
183,724.0  
222,609.0  
300,379.0  
91,671.1  
20,403,061.6 -1,185,761.7 5,402,940.9  
21,336,092.6 -1,466,906.7 5,531,256.2  
21,490,481.1 -1,052,875.7 6,003,357.9  
21,560,602.6 -1,275,292.9 6,044,822.1  
21,755,826.9 -1,177,917.6 6,396,913.8  
21,816,223.7  
20,967,003.8  
19,983,680.7  
-927,906.1 6,332,037.0  
109,158.3 5,298,255.9  
316,600.5  
-961,409.3  
5,629,410.5  
316,600.5  
2017 /2  
January  
February  
March  
April  
May  
June  
July  
August  
September  
October  
November  
December  
Monthly Average  
26,508,030.4 4,629,967.2 21,878,063.2  
27,209,343.4 4,977,649.8 22,231,693.6  
27,675,371.9 5,303,542.0 22,371,829.9  
27,514,336.9 5,270,202.6 22,244,134.3  
26,836,772.5 4,811,650.0 22,025,122.5  
27,236,433.6 5,250,486.4 21,985,947.2  
28,033,384.6 5,861,018.0 22,172,366.6  
26,821,446.8 4,824,226.2 21,997,220.6  
26,985,305.2 4,963,406.0 22,021,899.2  
27,174,805.8 5,245,888.6 21,928,917.2  
26,349,068.5 4,392,408.3 21,956,660.2  
25,863,280.6 3,574,029.1 22,289,251.5  
27,017,298.4 4,925,372.9 22,091,925.5  
1,037,043.8  
1,034,854.8  
1,089,377.9  
1,108,334.4  
1,192,134.9  
1,180,310.1  
1,210,952.6  
1,237,218.2  
1,257,114.9  
1,242,820.0  
1,594,910.6  
1,494,813.4  
1,223,323.8  
28,047.2  
198,307.1  
282,369.6  
336,371.4  
120,015.8  
32,984.5  
70,482.6  
75,256.5  
27,399.5  
33,887.2  
27,478.4  
27,524.4  
105,010.3  
20,812,972.1  
20,998,531.8  
21,000,082.4  
20,799,428.5  
20,712,971.8  
20,772,652.6  
20,890,931.4  
20,684,745.9  
20,737,384.8  
20,652,210.0  
20,334,271.2  
20,766,913.7  
20,763,591.3  
-383,336.3 5,339,255.0  
-274,044.2 5,665,760.9  
191,425.9 5,792,858.8  
492,821.7 5,730,338.5  
113,808.0 5,662,247.0  
232,806.3 5,692,288.3  
807,403.3 5,871,157.2  
-194,244.3 5,580,612.7  
-137,860.1 5,532,614.4  
-50,343.6 5,541,110.6  
-558,140.3 5,712,637.1  
-420,457.0 5,869,290.4  
338,153.0  
340,375.0  
379,260.0  
418,145.0  
495,915.0  
495,915.0  
530,915.0  
530,915.0  
538,115.0  
538,115.0  
590,415.0  
590,415.0  
482,221.1  
28,047.2  
198,307.1  
282,369.6  
336,371.4  
120,015.8  
32,984.5  
70,482.6  
75,256.5  
27,399.5  
33,887.2  
27,478.4  
27,524.4  
105,010.3  
4,973,054.7 5,013,303.6  
5,127,078.9 5,251,693.9  
5,131,229.3 5,112,116.1  
4,975,822.1 4,777,380.9  
5,046,316.2 4,697,842.0  
5,163,388.8 5,017,680.1  
5,269,759.5 5,053,614.7  
4,974,441.2 5,018,470.6  
4,967,099.9 5,101,266.1  
4,969,108.4 5,296,232.2  
5,094,743.7 4,950,548.7  
5,251,350.9 3,994,486.1  
5,078,616.1 4,940,386.3  
16,538,808.2  
16,565,932.7  
16,578,971.1  
16,513,795.8  
16,362,875.5  
16,293,658.9  
16,301,209.4  
16,416,607.9  
16,489,284.8  
16,387,806.7  
16,244,023.1  
16,419,961.2  
16,426,077.9  
698,890.8  
694,479.8  
710,117.9  
690,189.4  
696,219.9  
684,395.1  
680,037.6  
706,303.2  
718,999.9  
704,705.0  
1,004,495.6  
904,398.4  
741,102.7  
15,839,917.4  
15,871,452.9  
15,868,853.2  
15,823,606.4  
15,666,655.6  
15,609,263.8  
15,621,171.9  
15,710,304.7  
15,770,284.8  
15,683,101.7  
15,239,527.5  
15,515,562.8  
15,684,975.2  
-15,013.4  
5,665,847.6  
1/ Revised  
2/ Provisional  
Source: Central Bank of Nigeria  
31  
Table 7  
Summary of Deposit Money Banks’ Activities  
(Naira Million)  
2013  
2014  
2015  
2016 /1  
2017 /2  
2013  
2014  
2015  
2016 /1 2017 /2  
Item  
Reserves /3  
3,794,118.56  
12,207,717.51  
6,677,225.03  
24,468,368.48  
13,825,188.77  
5,169,063.97  
8,656,124.80  
1,614,722.37  
262,170.55  
5,522,612.24  
16,437,093.55  
12,175,750.47  
27,581,647.55  
15,234,775.34  
4,668,215.23  
10,566,560.11  
969,549.18  
5,097,605.47  
18,091,452.53  
12,262,502.40  
28,369,031.69  
17,343,986.35  
5,885,856.53  
11,458,129.82  
107,999.86  
4,997,153.93  
21,296,805.72  
15,076,668.21  
32,130,449.38  
18,521,914.63  
6,201,688.88  
12,320,225.75  
359,006.47  
7,613,040.67  
20,232,569.71  
14,777,941.92  
35,146,836.65  
19,384,722.34  
6,419,662.10  
12,965,060.24  
386,144.46  
1,003,885.20  
5,966,426.80  
3,451,298.49  
2,515,128.31  
8.98  
45.56  
-7.70  
10.06  
0.71  
-1.97  
17.72  
22.95  
13.26  
6.79  
5.37  
7.52  
232.41  
35.51  
12.54  
7.90  
52.35  
-5.00  
-1.98  
9.39  
4.66  
3.51  
5.23  
7.56  
1.17  
4.95  
-7.85  
29.66  
Aggregate Credit (Net)  
Loans and Advances  
Total assets  
Total Deposit Liabilities  
Demand deposits  
Time, Savings & Foreign Currencies Deposits  
Foreign Assets (Net)  
Credit from Central Bank  
Capital Accounts  
Capital & Reserves  
Other Provisions  
-9.07  
-2.29  
14.85  
5.25  
1.89  
7.36  
-2.15  
14.97  
7.55  
10.01  
2.73  
34.65  
82.35  
12.72  
10.20  
-9.69  
22.07  
-39.96  
-14.34  
9.04  
2.85  
13.84  
26.08  
8.44  
-88.86  
226.05  
18.31  
17.13  
21.00  
224,581.43  
732,244.52  
992,267.90  
3,915,405.55  
2,649,166.02  
1,266,239.52  
4,269,522.17  
2,963,361.18  
1,306,160.99  
5,051,419.96  
3,470,957.43  
1,580,462.52  
5,684,981.50  
3,745,131.39  
1,939,850.12  
11.86  
3.15  
22.74  
Average Liquidity Ratio (%)  
59.58  
38.32  
42.95  
57.20  
39.43  
68.13  
41.28  
74.85  
47.09  
78.87  
Average Loan/Deposit Ratio (%)  
1/ Revised  
2/ Provisional  
3/ Includes CBN Bills held by Deposit Money Banks  
32  
Source: Central Bank of Nigeria  
33  
Table 8  
Deposit Money Banks’ Sources and Application of Funds  
(Naira Million)  
2013  
Application Sources  
2014  
Application  
2015  
Application  
2016  
Sources Application  
2017 /1  
Sources Application  
Item  
Sources  
Sources  
Assets  
Reserves  
Foreign assets  
Claims on Central Bank  
Claims on Central Government  
Claims on State & Local Government  
Claims on Private Sector  
Claims on Other Financial Institutions  
Unclassified Assets  
0.0  
558,665.5  
15,351.8  
0.0  
482,584.7  
46,924.3  
0.0  
0.0  
-99,008.7  
-91,290.6  
-223,863.7  
0.0  
0.0  
-35,528.0  
-10,693.0  
564,016.6  
0.0  
0.0  
-8,861.6  
0.0  
0.0  
0.0  
-32,665.6  
-7,788.3  
-21,036.6  
239,126.2  
0.0  
80,552.9  
334,304.9  
81,858.6  
0.0  
0.0  
0.0  
-29,358.4  
0.0  
-16,396.2  
-87,500.7  
-20,812.1  
-72,976.5  
165,666.5  
7,682.2  
0.0  
236,299.7 (877,708.8)  
0.0 (99,872.3)  
0.0  
0.0  
338,778.3  
310,414.5  
0.0  
-102,352.9  
0.0  
0.0  
0.0  
8,974.7  
47,908.7  
0.0  
0.0 1,415,599.1  
0.0  
0.0  
285,086.7  
1,165.1  
0.0  
0.0  
-83,189.7  
-18,003.5  
-87,821.8  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0 (83,435.6)  
Liabilities  
Demand Deposits  
390,518.5  
288,372.3  
0.0  
44,123.0  
65,366.0  
100,654.8  
0.0  
0.0  
0.0  
-2,078.6  
0.0  
0.0  
0.0  
-13,574.9  
-17,796.7  
-43,425.9  
0.0  
584,899.1  
0.0  
137,017.8  
0.0  
58,033.8  
0.0  
4,572.7  
0.0  
-235,663.8  
0.0  
-11,529.8  
0.0  
-8,456.3  
0.0  
-26,530.6  
0.0  
683,584.2  
76,561.7  
0.0  
0.0  
0.0  
1,317.9  
128,696.0  
0.0  
0.0  
0.0  
-5,558.1  
-20,504.6  
-70,187.3  
0.0  
0.0  
-8,060.9  
-120,358.5  
195,111.1  
371,785.2  
0.0  
24,757.1  
0.0  
0.0  
12,377.9  
0.0  
0.0 663,161.9  
0.0 767,844.6  
0.0  
0.0  
(4,938.6)  
0.0  
Time, Savings & Foreign Currency Deposits  
Money Market Instruments  
Bonds  
-41,394.2  
0.0  
38,634.5  
95,564.6  
0.0  
0.0  
-105,296.7  
-2,249.9  
0.0  
Foreign Liabilities  
0.0  
Central Government Deposits  
Credit from Central Bank  
Capital Accounts  
(3,646.8)  
(19,406.7)  
0.0  
0.0  
0.0  
0.0  
-92,626.6  
-179,859.4  
36,505.5  
Unclassified Liabilities  
-341,826.8  
0.0  
0.0  
0.0 (283,691.9)  
Funds Sourced & Used  
1/ Revised  
1,180,402.5 1,180,402.5 1,244,907.4 1,244,907.4  
960,511.9  
960,511.9  
831,075.3  
831,075.3 2,662,727.8 2,662,727.8  
Source: Central Bank of Nigeria  
34  
Table 9  
Summary of Microfinance Banks’ Activities  
(Naira Million, unless otherwise stated)  
Item  
2013  
2014  
2015  
2016  
2017 /1  
1,005.00  
715.00  
Number of Licensed MFBs  
Number of Reporting MFBs  
Number of Non-Reporting MFBs  
Capital and Reserves  
Total Assets  
820.00  
820.00  
891.00  
679.00  
958.00  
684.00  
987.00  
622.00  
72,963.74  
91,008.80  
91,376.50  
77,868.65  
90,252.31  
393,546.67  
182,100.72  
190,490.05  
25,442.82  
104.61  
270,896.14 300,731.10 343,883.10 326,223.13  
135,918.73 145,830.02 159,453.50 149,798.38  
129,026.97 162,904.99 173,673.00 178,011.64  
Deposit Liabilities  
Loans & Advances (Net)  
Investments  
14,703.04  
94.93  
15,785.58  
111.71  
17,737.90  
108.92  
20,127.19  
118.83  
Average Loan/ Deposit Ratio (%)  
Percentage Change (%)  
Number of Reporting Banks  
Capital and Reserves  
Total Assets  
44.88  
36.94  
21.61  
2.85  
-17.20  
-27.31  
-18.18  
-18.56  
-23.10  
1.33  
0.74  
0.40  
-9.06  
-14.78  
-5.14  
-6.06  
2.50  
14.95  
15.90  
20.64  
21.56  
7.01  
14.35  
9.34  
Deposit Liabilities  
Loans & Advances (Net)  
Investments  
33.06  
1.19  
6.61  
12.37  
13.47  
26.41  
Sectoral Distribution of Loans & Advances  
(i) Agriculture and Forestry  
(ii) Mining & Quarrying  
(iii) Manufacturing  
4,803.12  
603.25  
7,735.68  
187.09  
11,761.52  
390.88  
14,412.32  
234.17  
16,589.95  
346.10  
2,937.27  
2,616.01  
50,008.04  
3,401.44  
48,257.90  
3,156.49  
5,486.51  
3,372.79  
5,218.26  
4,742.99  
5,318.10  
4,484.29  
9,771.14  
129,893.40  
2,976.83  
53,770.60  
(iv) Real Estate and Construction  
(v) Commerce  
58,821.75 117,759.41 124,412.31  
(vi) Transportation/Communication  
(vii) Others  
4,566.96  
3,770.66  
3,562.46  
32,155.66  
44,973.82  
43,512.65  
Deposits and Lending Rates (average %)  
(i) Savings deposits  
Negotiable Negotiable Negotiable Negotiable Negotiable  
(ii) Time/Term deposits  
(iii) Interest rate on Loan & Advances  
1/ Provisional  
Negotiable Negotiable Negotiable Negotiable Negotiable  
Negotiable Negotiable Negotiable Negotiable Negotiable  
Source: Central Bank of Nigeria  
35  
Table 10  
Discount Houses’ Statements of Assets and Liabilities  
(Naira Million)  
Item  
ASSETS  
2011  
2012  
2013  
2014 /1  
1,111.26  
2015 /2  
633.24  
CASH AND BALANCES WITH BANKS  
i) Cash on hand  
ii) Balances with CBN  
iii) Balances with other banks  
CLAIMS ON FEDERAL GOVERNMENT  
i) Treasury Bills  
2,415.55  
4,315.18  
1,278.47  
0.20  
93.74  
1,184.53  
94,394.70  
31,359.85  
63,034.85  
0.00  
0.00  
0.00  
2,536.65  
9,948.59  
9,948.59  
0.00  
1.52  
1,282.60  
1,131.43  
223,277.50  
60,768.40  
162,509.10  
0.00  
0.00  
0.00  
5,186.80  
10,807.44  
10,751.94  
0.00  
1.34  
2,615.04  
1,698.80  
266,823.58  
124,865.72  
141,957.87  
0.00  
0.00  
0.00  
5,696.40  
2,549.45  
250.00  
0.00  
1,523.78  
0.00  
0.00  
0.00  
0.00  
775.67  
0.00  
0.00  
0.24  
76.10  
2.81  
1.77  
1,034.92  
91,994.12  
57,554.13  
34,439.99  
0.00  
628.66  
51,367.34  
32,302.87  
19,064.47  
0.00  
ii) FGN Bonds  
iii) Treasury Certificate Maturing  
iv) Treasury Bonds  
0.00  
0.00  
0.00  
0.00  
v) Eligible Development Stock  
CLAIMS ON STATE GOVERNMENTS  
CLAIMS ON BANKS  
2,138.98  
26,211.15  
4,671.77  
21,539.38  
0.00  
7,544.16  
39,455.70  
860.00  
38,595.70  
0.00  
i) Money at Call  
ii) Loans and Advances  
iii) Commercial Bills:  
a) Bankers Acceptances  
b) Promissory Notes  
c) Negotiable Certificate of Deposit  
d) Stabilisation Securities  
iv) Others  
0.00  
0.00  
0.00  
0.00  
0.00  
55.50  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
929.78  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
337.93  
0.00  
CLAIMS ON OTHER FINANCIAL INSTITUTIONS  
Money at Call  
Loans and advances  
Commercial Bills:  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
a) Promissory Notes  
b) Negotiable Certificate of Deposit/Others  
CLAIMS ON OTHERS  
i) Commercial Bills  
ii) Loans and Advances  
iii) Others  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
12,276.58  
9,363.47  
0.00  
2,913.11  
12,053.75  
1,274.14  
133,762.88  
35,048.36  
12,553.22  
17,898.97  
4,596.17  
42,436.16  
1,581.32  
320,753.13  
35,834.56  
12,992.44  
14,685.80  
8,156.32  
26,121.00  
3,378.67  
344,718.83  
558.06  
371.72  
10,406.46  
999.57  
133,791.33  
322.86  
15.07  
OTHER ASSETS  
FIXED ASSETS  
TOTAL ASSETS  
LIABILITIES  
10,155.14  
775.93  
110,269.44  
CAPITAL AND RESERVES  
i) Paid-up Capital  
49,612.17  
15,645.23  
10,535.84  
4,737.30  
11,019.80  
7,674.00  
152,927.72  
127,372.80  
0.00  
0.00  
25,554.92  
0.00  
54,242.50  
40,672.60  
0.00  
34,970.52  
15,479.99  
12,141.60  
4,737.30  
11,099.07  
(8,487.44)  
206,301.85  
191,790.66  
0.00  
0.00  
14,511.19  
0.00  
56,458.80  
14,908.96  
0.00  
18,044.50  
6,784.60  
5,090.19  
3,090.28  
1,346.28  
1,733.15  
62,559.15  
17,521.78  
0.00  
0.00  
45,037.37  
0.00  
40,018.54  
73.55  
0.00  
31,382.71  
8,854.12  
5,959.39  
6,331.24  
1,242.66  
8,995.29  
45,049.65  
0.00  
18,330.32  
4,301.58  
3,856.87  
3,904.73  
0.00  
6,267.14  
55,970.79  
0.00  
ii) Statutory Reserves  
iii) Share Premium  
iv) Other Reserves  
v) General Reserve  
MONEY-AT-CALL  
i) Commercial Banks  
ii) Merchant Banks  
iii) Non-Bank Financial Institutions  
iv) Others  
0.00  
0.00  
45,049.65  
0.00  
0.00  
11,842.45  
6,229.20  
0.00  
5,613.25  
0.00  
41,007.20  
63.78  
3,000.00  
0.00  
0.00  
20,206.39  
17,737.03  
4,509.31  
133,791.33  
55,970.79  
0.00  
0.00  
v) Associated Treasury Notes  
OTHER AMOUNT OWING TO:  
i) Commercial Banks  
ii) Merchant Banks  
iii) Non-Bank Financial Institutions  
iv) Others  
BORROWINGS  
i) Central Bank of Nigeria  
ii) Banks  
93.68  
0.00  
0.00  
93.68  
0.00  
0.00  
0.00  
0.00  
13,569.90  
3,000.00  
0.00  
3,000.00  
0.00  
0.00  
0.00  
0.00  
60,970.74  
320,753.13  
41,549.84  
0.00  
0.00  
39,944.99  
0.00  
0.00  
20,642.97  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
iii) Discount Houses  
iv) Non-Bank Financial Institutions  
v) Corporate Entities  
vi) Individuals  
0.00  
0.00  
0.00  
0.00  
46,987.63  
344,718.81  
0.00  
13,140.70  
133,762.89  
20,642.97  
15,231.69  
110,269.44  
OTHER LIABILITIES  
TOTAL LIABILITIES  
1/ Revised  
2/ Provisional as at end-October 2015 when last submission of Discount Houses was made on the FinA.  
Source: Central Bank of Nigeria  
36  
Table 11  
Summary of Assets and Liabilities of Finance Companies  
(Naira Million)  
Item  
2013  
2014  
2015  
2016 /1  
2017/2  
1 Cash and Cash Items  
2,605.60  
3,188.53  
3,169.63  
4,298.53  
3,947.27  
2 Investments  
19,448.77  
11,571.86  
46,679.83  
7,548.55  
20,158.63  
8,012.35  
11,143.99  
5,593.85  
15,396.40  
5,772.56  
12,173.85  
6,704.05  
3 Due from other Finance Companies  
4. Loans and Advances  
5. Fixed Assets  
48,808.70  
11,576.42  
27,845.00  
49,623.93  
10,893.08  
26,931.71  
40,578.50  
13,909.04  
41,840.70  
40,905.00  
38,078.11  
37,553.57  
6. Other Assets  
15,197.74  
Total Assets  
103,052.35 119,589.63 107,356.18 121,795.70 139,361.85  
1.Capital and Reserves  
2. Share Deposits  
18,276.15  
0.00  
18,453.12  
0.00  
21,655.86  
0.00  
21,872.00  
0.00  
26,695.67  
0.00  
3. Due to other Finance Companies  
4. Borrowings  
742.62  
3,627.71  
68,420.24  
29,088.56  
1,553.09  
62,028.93  
22,118.30  
1,603.50  
71,530.00  
26,790.20  
3,234.53  
80,468.47  
28,963.02  
59,220.85  
24,812.73  
5. Other Liabilities  
Total Liabilities  
1/ Revised  
103,052.35 119,589.63 107,356.18 121,795.70 139,361.69  
2/ Provisional  
Source: Central Bank of Nigeria  
37  
Table 12  
Value of Money Market Assets  
(Naira Million)  
2013  
2014  
2015  
2016  
3,277,278.8  
0.0  
2017 /1  
3,579,799.1  
0.0  
Treasury Bills  
2,581,550.6  
0.0  
2,815,523.8  
0.0  
2,772,867.0  
0.0  
Treasury Certificates  
Development Stocks  
Certificates of Deposits  
Commercial Papers  
Bankers' Acceptances  
FGN Bonds  
0.0  
0.0  
0.0  
0.0  
0.0  
20,500.0  
9,324.8  
50,954.0  
9,848.1  
36,644.6  
4,792,281.2  
7,705,251.7  
75,702.8  
6,291.9  
28,417.9  
5,808,140.8  
0.0  
59,497.9  
516.0  
490.5  
20,470.0  
4,222,037.7  
6,853,883.1  
27,795.3  
7,564,937.5  
26,428.8  
8,715,811.7  
Total  
8,691,420.4 10,870,502.1 12,382,053.6  
2015 2016 2017 /1  
Growth (%)  
2013  
21.6  
0.0  
2014  
9.1  
Treasury Bills  
-1.5  
0.0  
18.2  
0.0  
9.2  
0.0  
0.0  
Treasury Certificates  
Eligible Development Stocks  
Certificates of Deposits  
Commercial Papers  
Bankers' Acceptances  
FGN Bonds  
0.0  
0.0  
0.0  
0.0  
0.0  
-39.7  
787.8  
107.5  
3.5  
148.6  
5.6  
48.6  
-36.1  
-22.4  
21.2  
12.8  
-100.0  
-92.2  
-2.2  
5.2  
79.0  
13.5  
12.4  
-4.9  
15.2  
13.9  
30.2  
Total  
9.7  
25.1  
1/ Revised  
Source: Central Bank of Nigeria  
38  
Table 13  
Treasury Bills: Issues, Subscriptions and Allotments  
(Naira Million)  
Period  
Issues  
Subscriptions  
Central Bank  
Deposit Money Banks Non-Bank Public /1  
2013  
January  
February  
March  
April  
May  
331,296.66  
354,924.18  
398,285.09  
324,269.40  
278,388.72  
397,845.75  
185,451.25  
222,705.12  
331,217.97  
226,109.77  
199,782.18  
400,605.12  
3,650,881.21  
304,240.10  
694,371.90  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
204,317.08  
243,734.06  
190,441.99  
200,048.22  
179,760.34  
152,626.18  
51,972.97  
114,303.78  
135,605.36  
125,326.54  
116,364.93  
139,214.85  
1,853,716.30  
154,476.36  
126,979.58  
111,190.12  
207,843.10  
124,221.18  
98,628.38  
245,219.57  
133,478.28  
108,401.34  
195,612.61  
100,783.22  
83,417.25  
1,076,356.75  
745,009.24  
514,368.24  
589,731.12  
648,887.66  
477,916.36  
576,385.92  
812,735.00  
441,700.24  
438,318.04  
557,668.82  
7,573,449.28  
631,120.77  
June  
July  
August  
September  
October  
November  
December  
Total  
261,390.28  
1,797,164.91  
149,763.74  
Average  
2014  
January  
February  
March  
April  
May  
359,296.66  
319,924.18  
497,005.48  
334,269.40  
278,509.28  
440,713.48  
185,292.04  
220,647.81  
319,680.77  
303,100.00  
242,900.00  
378,130.00  
3,879,469.09  
323,289.09  
712,276.47  
481,993.18  
843,210.70  
1,214,904.90  
1,333,921.72  
1,023,058.87  
408,510.00  
379,150.00  
587,850.00  
286,020.00  
334,560.00  
438,100.00  
8,043,555.84  
670,296.32  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
291,278.36  
256,520.53  
341,448.54  
228,427.87  
195,099.35  
165,215.22  
70,072.17  
148,401.32  
70,336.34  
44,370.00  
68,018.31  
63,403.65  
155,556.94  
105,841.52  
83,409.93  
275,498.26  
115,219.87  
72,246.50  
249,344.43  
191,750.00  
201,055.55  
224,850.00  
1,806,194.96  
150,516.25  
June  
July  
August  
September  
October  
November  
December  
Total  
66,980.00  
0.00  
21,260.00  
88,240.00  
7,353.33  
41,852.12  
132,010.00  
1,985,031.81  
165,419.32  
Average  
2015  
January  
February  
March  
April  
May  
384,296.66  
334,833.44  
519,995.04  
353,093.49  
261,555.23  
380,023.16  
178,366.05  
257,614.38  
315,350.60  
265,251.80  
242,902.74  
352,034.71  
3,845,317.30  
320,443.11  
1,072,435.60  
716,276.38  
1,063,496.45  
1,092,823.87  
572,718.53  
695,451.88  
274,652.27  
293,295.83  
725,913.47  
769,209.27  
836,934.73  
1,189,108.13  
9,302,316.42  
775,193.03  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
319,265.47  
200,774.18  
388,933.09  
269,072.27  
155,090.04  
212,850.32  
104,449.98  
105,804.69  
198,118.39  
183,379.26  
203,878.95  
344,843.52  
2,686,460.16  
223,871.68  
65,031.19  
134,059.26  
131,061.96  
84,021.22  
106,465.18  
167,172.84  
73,916.06  
151,809.69  
117,232.21  
81,872.54  
39,023.79  
7,191.20  
June  
July  
August  
September  
October  
November  
December  
Total  
1,158,857.14  
96,571.43  
Average  
2016  
January  
February  
March  
April  
May  
332,211.45  
384,833.44  
611,511.14  
386,411.43  
261,555.23  
480,753.95  
394,962.89  
307,614.38  
536,976.07  
267,848.66  
242,902.74  
347,920.69  
4,555,502.05  
379,625.17  
600,570.59  
914,565.58  
1,546,878.46  
699,082.11  
478,054.42  
818,235.68  
616,653.90  
765,849.83  
1,168,211.57  
427,144.42  
257,199.10  
385,243.03  
8,677,688.68  
723,140.72  
0.00  
0.00  
0.00  
0.00  
0.00  
242,080.25  
297,282.92  
298,689.12  
278,815.57  
132,907.26  
260,910.92  
234,700.00  
188,733.43  
145,846.75  
46,322.62  
90,131.21  
87,550.52  
312,822.01  
107,595.86  
128,647.97  
191,843.03  
160,262.89  
118,880.95  
391,129.33  
164,840.53  
162,476.96  
146,639.42  
2,062,820.67  
171,901.72  
June  
July  
28,000.00  
0.00  
0.00  
August  
September  
October  
November  
December  
Total  
Average  
2017 /2  
January  
February  
March  
April  
May  
June  
July  
August  
September  
October  
November  
December  
Total  
0.00  
56,685.51  
35,393.18  
43,511.80  
163,590.48  
13,632.54  
45,032.60  
157,769.48  
2,329,090.90  
194,090.91  
321,808.31  
384,833.44  
698,966.18  
402,411.43  
341,555.23  
487,067.69  
381,962.90  
484,723.43  
390,032.17  
264,155.58  
337,956.63  
0.00  
636,403.06  
1,017,230.59  
778,653.12  
417,092.54  
469,851.27  
621,188.38  
517,720.19  
612,045.52  
946,590.00  
722,660.39  
438,943.81  
0.00  
0.00  
0.00  
14,130.18  
113,050.28  
0.00  
220,747.79  
268,414.89  
330,783.44  
163,504.05  
158,014.69  
217,907.79  
257,133.52  
199,329.07  
196,054.28  
212,860.11  
271,154.47  
0.00  
101,060.52  
116,418.55  
354,052.56  
125,857.10  
183,540.53  
269,159.90  
124,829.38  
285,394.37  
193,977.90  
51,295.47  
66,802.16  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
127,180.46  
10,598.37  
4,495,472.98  
374,622.75  
7,178,378.86  
598,198.24  
2,495,904.08  
207,992.01  
1,872,388.44  
156,032.37  
Average  
1/ Includes Discount Houses, Government Parastatals, Savings type institutions, e.t.c.  
2/ Provision  
Source: Central Bank of Nigeria  
39  
Table 14  
Holdings of Treasury Bills Outstanding  
(Naira Million)  
including  
Rediscount  
Deposit Money  
Banks  
Period  
Total Outstanding  
Others  
2013  
January  
February  
March  
April  
May  
2,197.93  
2,260.93  
2,371.69  
2,371.69  
2,392.44  
2,483.29  
2,483.29  
2,483.29  
2,483.29  
2,483.29  
2,483.29  
2,581.55  
2,422.99  
1.65  
1.67  
0.09  
0.12  
0.09  
0.13  
0.72  
0.60  
0.01  
64.91  
61.32  
59.02  
15.86  
1,632.16  
1,599.91  
1,716.83  
1,674.27  
1,673.37  
1,649.38  
1,112.43  
1,137.32  
1,013.82  
1,070.09  
1,059.96  
1,317.88  
1,388.12  
564.12  
659.35  
654.77  
697.30  
718.98  
833.77  
1,370.13  
1,345.36  
1,469.46  
1,348.28  
1,362.01  
1,204.65  
1,019.02  
June  
July  
August  
September  
October  
November  
December  
Average  
2014  
January  
February  
March  
April  
May  
2,621.55  
2,621.55  
2,735.75  
2,735.75  
2,735.87  
2,735.87  
2,735.87  
2,735.87  
2,735.87  
2,810.87  
2,810.87  
2,815.52  
2,735.93  
17.64  
5.99  
3.36  
3.64  
2.25  
1.59  
1.58  
1.58  
1.58  
1.61  
1.62  
1.81  
3.69  
2,056.49  
1,916.75  
1,992.06  
2,072.61  
1,686.22  
1,526.28  
1,960.12  
2,011.34  
1,966.72  
1,993.34  
1,966.68  
1,969.12  
1,926.48  
547.42  
698.81  
740.32  
659.50  
1,047.39  
1,208.00  
774.17  
722.95  
767.57  
815.92  
842.57  
844.59  
805.77  
June  
July  
August  
September  
October  
November  
December  
Average  
2015  
January  
February  
March  
April  
May  
2,815.52  
2,815.52  
2,865.52  
2,865.52  
2,865.52  
2,824.95  
2,772.87  
2,772.87  
2,772.87  
2,772.87  
2,772.87  
2,772.87  
2,807.48  
214.50  
242.84  
242.84  
242.84  
242.84  
242.84  
777.16  
824.94  
759.57  
214.50  
184.76  
232.84  
368.54  
1,044.87  
1,012.78  
1,060.87  
1,051.52  
1,058.53  
1,044.35  
851.76  
1,556.16  
1,559.90  
1,561.81  
1,571.16  
1,564.16  
1,537.76  
1,143.95  
1,109.50  
906.68  
1,513.79  
1,502.23  
1,493.15  
1,418.35  
June  
July  
August  
September  
October  
November  
December  
Average  
2016  
838.42  
1,106.62  
1,044.59  
1,085.88  
1,046.87  
1,020.59  
January  
February  
March  
April  
May  
2,772.87  
2,822.87  
2,824.81  
2,824.81  
2,824.81  
2,901.81  
2,901.81  
3,124.81  
3,261.49  
3,261.49  
3,261.49  
3,277.28  
3,005.03  
219.86  
226.82  
242.84  
224.42  
30.00  
31.08  
31.08  
3.04  
3.02  
3.04  
1.79  
2.12  
84.93  
1,025.31  
1,023.08  
1,064.39  
1,087.75  
1,185.81  
1,181.98  
1,181.98  
1,085.46  
1,253.04  
1,149.04  
1,248.07  
1,265.21  
1,145.93  
1,527.70  
1,572.97  
1,517.58  
1,512.64  
1,609.00  
1,688.74  
1,688.74  
2,036.30  
2,005.43  
2,109.40  
2,011.64  
2,009.95  
1,774.17  
June  
July  
August  
September  
October  
November  
December  
Average  
2017 /1  
January  
February  
March  
April  
May  
June  
July  
August  
September  
October  
November  
December  
Average  
3,397.28  
3,517.28  
3,600.53  
3,600.53  
3,680.53  
3,702.83  
3,702.83  
3,702.83  
3,777.83  
3,777.83  
3,777.83  
3,579.80  
3,651.50  
3.04  
1.79  
2.12  
2.12  
13.57  
2.12  
172.11  
110.90  
206.47  
91.16  
66.27  
62.80  
61.21  
1,284.81  
1,503.76  
1,444.90  
1,588.46  
1,636.16  
1,663.43  
1,709.37  
2,059.02  
1,371.76  
1,598.51  
2,182.63  
2,141.68  
1,682.04  
2,109.42  
2,011.74  
2,153.51  
2,009.95  
2,030.80  
2,037.27  
1,821.36  
1,532.91  
2,199.61  
2,088.16  
1,528.93  
1,375.32  
1,908.25  
40  
1/ Revised  
Source: Central Bank of Nigeria  
41  
Table 15  
Open Market Operations  
(N 'Million)  
(N 'Million)  
(Days)  
2013  
January  
February  
March  
April  
May  
2,958,460.00  
2,302,710.00  
2,061,290.00  
2,228,780.00  
1,476,320.00  
505,190.00  
1,078,590.00  
96,480.00  
337,350.00  
1,956,950.00  
1,109,670.00  
797,960.00  
1,756,660.00  
1,351,600.00  
1,265,240.00  
1,516,690.00  
1,127,400.00  
81,950.00  
77  
13.73  
12.54  
13.30  
13.55  
13.22  
14.09  
14.02  
13.37  
13.41  
12.80  
12.52  
12.51  
105  
118  
169  
159  
156  
161  
132  
141  
127  
102  
125  
June  
July  
508,740.00  
91,730.00  
August  
September  
October  
November  
December  
Total  
150,510.00  
1,206,860.00  
791,090.00  
599,470.00  
10,447,940.00  
870,661.67  
16,909,750.00  
1,409,145.83  
Average  
2014  
131  
13.25  
January  
February  
March  
April  
May  
1,778,090.00  
587,840.00  
933,680.00  
424,070.00  
1,476,730.00  
1,351,000.00  
812,920.00  
654,530.00  
1,096,870.00  
963,870.00  
1,010,680.00  
236,920.00  
11,327,200.00  
943,933.33  
1,091,490.00  
307,400.00  
714,580.00  
285,940.00  
905,990.00  
1,179,540.00  
810,920.00  
654,530.00  
989,580.00  
652,500.00  
830,230.00  
-
115  
129  
133  
122  
116  
122  
129  
133  
141  
158  
163  
137  
12.58  
13.74  
13.76  
13.70  
11.40  
11.20  
11.23  
11.24  
11.36  
11.55  
13.80  
June  
July  
August  
September  
October  
November  
December  
Total  
8,422,700.00  
701,891.67  
Average  
2015  
133  
12.32  
January  
February  
March  
April  
May  
1,657,287.09  
318,998.68  
620,835.41  
1,027,454.90  
719,156.21  
1,011,258.51  
963,381.34  
226,718.17  
632,433.24  
1,295,880.94  
217,327.54  
543,859.44  
933,744.73  
524,540.43  
746,365.40  
771,823.73  
73,269.49  
168  
192  
188  
261  
202  
148  
235  
329  
300  
15.21  
15.90  
16.07  
15.81  
15.11  
14.03  
15.06  
16.02  
15.18  
June  
July  
August  
September  
October  
November  
December  
Total  
53,081.41  
736,950.00  
7,914,473.55  
791,447.35  
482,150.00  
5,642,043.11  
564,204.31  
299  
8.51  
Average  
2016  
232  
14.69  
January  
February  
March  
April  
May  
913,260.00  
630,890.00  
706,990.00  
710,300.00  
367,700.00  
540,800.00  
909,780.00  
2,248,650.00  
1,067,340.00  
832,900.00  
732,660.00  
633,140.00  
10,294,410.00  
857,867.50  
698,420.00  
509,230.00  
394,630.00  
363,720.00  
64,630.00  
299,120.00  
695,210.00  
1,728,150.00  
1,057,950.00  
807,020.00  
665,570.00  
575,970.00  
7,859,620.00  
654,968.33  
186  
175  
231  
233  
288  
285  
233  
275  
232  
234  
278  
266  
8.15  
8.08  
8.81  
9.72  
10.56  
12.93  
19.38  
17.87  
20.64  
20.67  
17.25  
21.12  
June  
July  
August  
September  
October  
November  
December  
Total  
Average  
2017 /1  
January  
February  
March  
April  
May  
June  
July  
August  
September  
October  
November  
December  
Total  
243  
14.60  
1,237,870.00  
621,146.00  
418,192.00  
376,660.00  
585,900.00  
1,354,120.00  
1,546,700.00  
1,175,660.00  
787,080.00  
1,204,690.00  
1,568,350.00  
1,468,530.00  
12,344,898.00  
1,028,741.50  
700,520.00  
619,140.00  
391,160.00  
316,090.00  
580,080.00  
1,267,280.00  
1,517,530.00  
1,104,570.00  
741,850.00  
1,179,200.00  
1,461,130.00  
1,467,930.00  
11,346,480.00  
945,540.00  
248  
249  
252  
266  
259  
252  
260  
205  
219  
226  
226  
219  
20.89  
20.91  
20.94  
21.11  
21.03  
19.65  
21.00  
19.86  
19.25  
16.49  
16.41  
15.61  
Average  
240  
19.43  
1/ Provisional  
Source: Central Bank of Nigeria  
42  
Table 16  
Transactions on the Nigerian Stock Exchange  
Items  
2013  
2014  
2015  
2016  
2017 /1  
756.35  
Volume of Stocks ('000)  
Government  
Industrial  
342.35  
0.00  
282.96  
0.00  
0.00  
324.36  
0.00  
0.00  
2,184.76  
0.00  
0.00  
0.00  
0.00  
Second-Tier Securities  
Bonds  
51,549.94  
18.90  
0.00  
52.76  
0.00  
55.00  
Equities  
Total  
267,336,933.23  
267,388,844.42  
108,328,358.88  
108,328,641.84  
93,639,474.80  
93,639,854.16  
95,830,464.33  
95,832,701.85  
93,289,866.04  
93,290,622.39  
Number of Deals  
Government  
Industrial  
1,155  
0
924  
200  
0
0
0
127  
0
0
555  
0
0
435  
0
0
Second-Tier Securities  
Bonds  
82  
6
3
0
Equities  
Total  
3,222,478  
3,224,639  
1,211,069  
1,211,269  
955,517  
955,650  
836,863  
837,421  
878,632  
879,067  
Value of Stocks (N' Million)  
Government  
Industrial  
292.34  
0.00  
306.99  
0.00  
382.61  
0.00  
2,431.35  
0.00  
485.69  
0.00  
Second-Tier Securities  
Bonds  
61.14  
23.06  
0.00  
0.00  
0.00  
58.49  
0.00  
58.59  
0.00  
0.00  
Equities  
Total  
2,350,499.16  
2,350,875.70  
1,334,476.14  
1,334,783.13  
960,780.41  
961,221.51  
576,056.82  
578,546.76  
1,077,735.52  
1,078,221.21  
Market Capitalization (N' Million)  
19,077,418.18  
41,329.19  
16,875,102.70  
34,657.15  
17,003,387.95  
28,642.25  
16,185,729.64  
26,874.62  
22,917,906.74  
38,243.19  
Value Index of Equities (1984 = 100)  
1/ Provisional  
Source: Nigerian Stock Exchange  
43  
Table 17  
Market Capitalisation of Quoted Companies: Equities  
(Naira Thousand)  
C A T E G O R Y  
AGRICULTURE  
2013  
90,683,237.5  
2014  
54,852,817.2  
2015  
66,174,672.2  
2016  
81,709,764.2  
2017 /1  
137,171,367.4  
3,182,476,733.4  
2,501,840,594.6  
0.0  
FINANCIAL  
3,992,616,108.9  
2,939,978,141.8  
0.0  
3,215,785,938.9  
2,366,953,726.0  
0.0  
1,887,384,181.7  
1,447,631,306.5  
0.0  
1,844,005,216.2  
1,456,910,669.8  
0.0  
Banking  
Managed Funds  
Insurance  
173,111,364.9  
850,070,935.5  
29,455,666.7  
3,758,912,594.9  
1,737,545,456.6  
1,661,498,971.0  
0.0  
158,686,954.3  
661,696,114.7  
28,449,143.9  
3,112,978,314.3  
1,634,984,422.5  
1,239,720,223.3  
0.0  
156,890,813.9  
253,800,765.4  
29,061,295.9  
2,624,173,306.6  
1,342,728,396.5  
1,005,729,386.3  
0.0  
135,537,320.3  
224,191,704.4  
27,365,521.8  
2,503,350,709.5  
1,378,848,868.4  
927,768,183.6  
0.0  
147,276,168.4  
505,909,562.3  
27,450,408.1  
3,862,342,386.4  
1,760,533,745.3  
1,777,191,923.7  
0.0  
Other Financial Institutions  
Mortgage  
MANUFACTURING/CONSUMER GOODS  
Breweries  
Food, Beverages & Tobacco  
Textiles  
Automobile & Tyres  
Household Durables  
Household Products  
HEALTHCARE  
2,386,334.6  
7,032,843.7  
350,448,988.9  
80,495,363.7  
308,527,707.1  
0.0  
2,386,334.6  
5,947,974.5  
229,939,359.4  
62,660,093.6  
200,892,189.1  
0.0  
2,386,334.6  
7,660,366.3  
265,668,822.9  
52,627,619.5  
106,004,537.7  
0.0  
2,386,334.6  
4,360,036.9  
189,987,285.9  
27,837,497.3  
75,374,617.1  
0.0  
2,386,334.6  
4,893,333.5  
317,337,049.2  
40,207,855.1  
95,968,286.3  
0.0  
CONGLOMERATES  
COMMERCIALS  
Commercial/Services  
Footwear  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
Machinery (Marketing)  
Petroleum (Marketing)  
CONSTRUCTION/REAL ESTATE  
INDUSTRIAL GOODS  
NATURAL RESOURCES  
OIL & GAS  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
210,268,356.5  
4,198,484,130.3  
7,990,028.5  
446,213,032.1  
54,803,536.2  
2,219,523.5  
232,243.0  
0.0  
158,741,751.6  
3,769,305,572.4  
7,452,662.8  
752,024,717.5  
66,416,361.2  
2,219,523.5  
221,016.8  
0.0  
109,158,908.5  
577,987,694.8  
6,599,635.2  
760,255,397.0  
103,992,391.7  
2,219,523.5  
210,492.2  
0.0  
96,293,629.5  
306,278,350.2  
5,859,521.7  
628,782,077.5  
87,308,986.1  
2,219,523.5  
0.0  
85,074,428.8  
324,348,019.3  
6,272,145.1  
667,012,542.8  
134,186,065.2  
2,219,523.5  
0.0  
SERVICES  
Advertising  
Apparel Retailers  
Engineering Technology  
Airline Services  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
19,403,792.3  
3,148,712.2  
72,846,171.8  
588,178.4  
0.0  
Printing & Publishing  
Hotel, Hospitality and Tourism  
Automobile and Auto Part s Retailers  
Maritime  
6,107,360.2  
19,439,689.0  
1,729,244.6  
0.0  
4,824,962.7  
23,811,134.6  
905,794.8  
0.0  
4,771,626.2  
66,073,563.4  
588,178.4  
0.0  
4,028,392.5  
56,461,808.5  
588,178.4  
0.0  
Aviation  
0.0  
0.0  
0.0  
0.0  
0.0  
Road Transport  
1,235,740.0  
2,838,194.8  
941,409.5  
4,876,644.1  
0.0  
911,735.0  
2,567,165.5  
941,409.5  
3,918,789.8  
0.0  
828,850.0  
2,730,027.6  
941,409.5  
3,812,275.0  
0.0  
828,850.0  
2,792,605.5  
0.0  
828,850.0  
3,383,924.2  
0.0  
Courier/Freight/Delivery  
Employment Solutions  
Speciality  
3,715,228.2  
0.0  
3,715,228.2  
0.0  
Leasing  
Media  
4,000,000.0  
11,183,487.5  
0.0  
6,000,000.0  
8,401,550.0  
11,693,279.0  
76,550,755.9  
0.0  
6,000,000.0  
7,540,686.9  
8,275,759.1  
34,097,307.2  
0.0  
6,000,000.0  
6,717,531.3  
3,956,868.2  
41,897,052.4  
0.0  
6,000,000.0  
15,300,690.6  
6,750,994.0  
34,213,034.9  
0.0  
Transport Related Services  
Support and Logistics  
ICT  
77,250,803.8  
0.0  
Foreign Listing  
PREMIUM BOARD  
ETFs  
0.0  
0.0  
3,522,149,848.6  
4,018,648.2  
8,641,416.0  
3,548,225,397.6  
4,798,651.1  
8,957,153.6  
5,040,201,380.4  
6,694,586.0  
10,432,160.9  
280,050.0  
4,005,980.4  
4,520,358.0  
8,572,994.3  
ASeM  
Total  
13,230,530,929.8  
11,490,754,526.8  
9,863,265,564.8  
9,260,678,624.1  
13,626,600,992.1  
1/ Provisional  
Source: Nigerian Stock Exchange  
44  
Table 18  
Value Index of All Common Stocks Listed by Sector on the Nigerian Stock Exchange  
(1984 =100)  
Growth Rate (%)  
Category  
2013  
283.3  
2014  
165.6  
2015  
2016  
237.5  
2017 /1  
385.0  
2013  
123.1  
2014  
-41.5  
2015  
16.2  
2016 2017 /1  
23.4 62.1104  
AGRICULTURE  
FINANCIAL  
Banking  
Managed Funds  
Insurance  
Other Financial Institutions  
Mortgage  
MANUFACTURING/CONSUMER GOODS  
Breweries  
192.4  
12,472.0  
9,183.8  
0.0  
540.8  
2,655.4  
92.0  
11,742.0  
5,427.7  
5,190.1  
0.0  
9,710.2  
7,147.1  
0.0  
479.2  
1,998.0  
85.9  
9,399.7  
4,936.9  
3,743.4  
0.0  
5,487.9  
4,209.2  
0.0  
456.2  
738.0  
84.5  
7,630.2  
3,904.2  
2,924.3  
0.0  
5,359.3  
4,234.3  
0.0  
393.9  
651.6  
79.5  
7,275.6  
4,007.4  
2,696.4  
0.0  
8,931.7  
7,021.4  
0.0  
413.3  
1,419.8  
77.0  
10,839.7  
4,941.0  
4,987.7  
0.0  
30.8  
30.5  
-22.1  
-22.2  
-43.5  
-41.1  
-2.3  
0.6  
66.66  
65.82  
21.4  
33.6  
49.6  
31.4  
10.2  
68.4  
-11.4  
-24.8  
-6.6  
-19.9  
-9.0  
-4.8  
-63.1  
-1.6  
-18.8  
-20.9  
-21.9  
-13.7  
-11.7 117.91  
-5.9  
-4.6  
2.6  
4.93  
-3.14  
48.99  
23.30  
84.98  
Food, Beverages & Tobacco  
Textiles  
-27.9  
-7.8  
Automobile & Tyres  
Household Durables  
Household Products  
HEALTHCARE  
CONGLOMERATES  
COMMERCIALS  
7.5  
7.2  
6.9  
6.9  
6.7  
-0.1  
3.7  
21.9  
48.1  
188.4  
-3.3  
-18.2  
-36.6  
-24.8  
-37.1  
-3.7  
24.0  
11.3  
-19.1  
-49.2  
0.0  
-43.1  
-28.5  
-47.1  
-28.9  
-3.43  
8.38  
61.29  
39.48  
22.95  
22.0  
1,094.7  
251.4  
963.8  
0.0  
18.0  
694.3  
189.2  
606.6  
0.0  
22.3  
772.5  
153.0  
308.2  
0.0  
12.7  
552.2  
80.9  
219.1  
0.0  
13.7  
890.6  
112.8  
269.3  
0.0  
Commercial/Services  
Footwear  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
Machinery (Marketing)  
Petroleum (Marketing)  
CONSTRUCTION/REAL ESTATE  
INDUSTRIAL GOODS  
NATURAL RESOURCES  
OIL & GAS  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
656.8  
13,115.1  
25.0  
1,393.9  
171.2  
6.9  
479.3  
11,381.5  
22.5  
2,270.8  
200.5  
6.7  
317.4  
1,680.6  
19.2  
2,210.6  
302.4  
6.5  
279.9  
890.1  
17.0  
1,827.4  
253.7  
6.5  
238.8  
910.3  
17.6  
1,872.0  
376.6  
6.2  
61.1  
70.5  
2.5  
202.2  
-3.8  
-27.0  
-13.2  
-9.8  
62.9  
17.1  
-3.3  
-33.8  
-85.2  
-14.7  
-2.7  
50.8  
-3.7  
-11.8 -14.69  
-47.0  
-11.3  
-17.3  
-16.1  
0.0  
2.26  
3.37  
2.44  
48.41  
-3.43  
SERVICES  
Advertising  
-0.1  
Apparel Retailers  
Engineering Technology  
Airline Services  
Printing & Publishing  
Hotel, Hospitality and Tourism  
Automobile and Auto Part s Retailers  
Maritime  
0.7  
0.0  
0.0  
19.1  
60.7  
5.4  
0.7  
0.0  
0.0  
14.6  
71.9  
2.7  
0.6  
0.0  
0.0  
13.9  
192.1  
1.7  
0.0  
0.0  
0.0  
11.7  
164.1  
1.7  
0.0  
0.0  
54.5  
8.8  
204.4  
1.7  
-5.0  
-8.0  
-8.3 -100.0  
5.1  
-16.1  
-3.4  
-23.6  
18.4  
-49.4  
-4.8  
167.2  
-37.5  
-15.6 -24.52  
-14.6  
0.0  
24.59  
-3.43  
0.0  
0.0  
0.0  
0.0  
0.0  
Aviation  
0.0  
0.0  
0.0  
0.0  
0.0  
Road Transport  
3.9  
8.9  
2.9  
15.2  
0.0  
2.8  
7.8  
2.8  
11.8  
0.0  
18.1  
25.4  
35.3  
231.1  
0.0  
2.4  
7.9  
2.7  
11.1  
0.0  
17.4  
21.9  
24.1  
99.1  
0.0  
2.4  
8.1  
0.0  
10.8  
0.0  
17.4  
19.5  
11.5  
121.8  
0.0  
2.3  
9.5  
0.0  
10.4  
0.0  
16.8  
42.9  
18.9  
96.0  
0.0  
63.8  
22.1  
-0.1  
-3.4  
-28.7  
-12.6  
-3.3  
-12.5  
2.4  
-3.7 -100.0  
0.0  
2.2  
-3.43  
17.01  
Courier/Freight/Delivery  
Employment Solutions  
Speciality  
Leasing  
Media  
Transport Related Services  
Support and Logistics  
ICT  
-22.3  
-6.3  
-2.6  
-3.43  
-3.43  
12.5  
34.9  
-0.1  
5.3  
45.0  
-27.4  
-3.7  
-13.6  
-31.8  
-57.1  
0.0  
-11.0 119.95  
-52.2 64.75  
22.8 -21.14  
241.3  
0.0  
19.8  
-4.2  
Foreign Listing  
PREMIUM BOARD  
ETFs  
ASeM  
0.0  
0.9  
12.5  
41,329.2  
0.0  
10,241.2  
11.7  
25.1  
28,679.1  
10,312.3  
13.9  
26.0  
26,914.6  
14,145.4  
18.8  
29.3  
38,243.2  
0.7  
19.4  
3.6  
37.17  
34.72  
12.47  
42.09  
13.6  
25.9  
34,696.7  
-72.4 1,460.3  
-14.4  
-2.9  
-17.3  
-0.1  
106.9  
-16.0  
Total  
47.2  
-6.2  
1/ Provisional  
Source: Nigerian Stock Exchange  
45  
46  
Table 19  
Federation Accounts Operations  
(Naira Billion)  
2013  
9,759.8  
2014  
10,068.9  
2015  
6,912.5  
2016 1/  
5,616.4  
2017 2/  
7,317.7  
Total Revenue(Gross) 3/  
Oil Revenue (Gross)  
Crude Oil / Gas Exports  
PPT and Royalties etc.  
Domestic Crude Oil Sales  
Other Oil Revenue  
6,809.2  
1,559.0  
3,719.0  
1,510.3  
21.0  
6,793.8  
1,896.2  
3,439.6  
1,370.6  
87.4  
3,830.1  
898.6  
2,693.9  
389.6  
4,109.8  
795.4  
1,782.4  
1,050.7  
98.4  
1,192.3  
1,028.4  
83.6  
1,801.4  
1,470.5  
42.5  
Less:  
Deductions 4/  
2,078.2  
4,731.0  
2,950.6  
985.5  
433.6  
795.6  
274.4  
281.0  
170.8  
9.8  
2,109.2  
4,684.6  
3,275.0  
1,207.3  
566.2  
794.2  
295.3  
193.1  
89.1  
943.0  
2,887.1  
3,082.4  
1,029.1  
546.2  
778.7  
323.4  
202.1  
73.6  
1,040.1  
1,653.8  
2,922.5  
988.4  
548.8  
811.0  
237.7  
152.3  
53.9  
1,443.4  
2,666.4  
3,207.9  
1,206.3  
628.0  
967.7  
156.1  
49.0  
Oil Revenue (Net)  
Non- Oil Revenue  
Corporate Tax  
Customs & Excise Duties  
Value-Added Tax (VAT)  
FG Independent Revenue  
Education Tax  
Customs Special Levies (Federation Account)  
National Information Technology Development Fund (NITDF)  
Customs Special Levies (Non-Federation Account)  
Less:  
68.3  
10.1  
11.3  
8.8  
1.0  
-
119.7  
118.1  
121.6  
131.5  
Deductions 4/  
193.2  
2,757.3  
7,488.3  
1,499.6  
274.4  
419.3  
2,855.7  
7,540.3  
1,469.8  
295.3  
123.7  
2,958.7  
5,845.8  
1,476.0  
323.4  
115.4  
2,807.1  
4,460.9  
1,353.0  
237.7  
168.7  
3,039.2  
5,705.6  
1,334.9  
156.1  
Non- Oil Revenue (Net)  
Federally - collected revenue + Transfers  
Less  
Transfer to Federal Govt. Ind. Revenue  
Transfer to VAT Pool Account  
Other Transfers 5/  
763.8  
762.4  
747.6  
778.6  
929.0  
461.5  
412.0  
405.0  
336.7  
249.8  
Federally Collected Revenue (Net)  
Memorandum Items:  
Deductions:  
5,988.7  
6,070.5  
4,369.8  
3,107.9  
4,370.7  
2,271.5  
2,078.2  
1,030.9  
50.6  
2,528.5  
2,109.2  
1,223.7  
216.0  
579.3  
90.2  
1,066.7  
943.0  
792.8  
12.6  
1,155.5  
1,040.1  
704.5  
-
1,612.1  
1,443.4  
1,237.0  
14.4  
Oil Revenue  
JVC Cash calls  
Excess Crude Proceeds  
Excess PPT & Royalty  
Others  
960.8  
36.0  
36.9  
242.7  
92.9  
137.2  
54.8  
100.7  
123.7  
41.6  
Non -oil Revenue  
193.2  
39.4  
419.3  
39.6  
115.4  
38.4  
168.7  
48.6  
4% FIRS collection cost  
7% NCS collection cost  
Cost of collection for VAT  
Others 6/  
30.4  
48.1  
38.2  
44.3  
43.9  
31.8  
31.8  
31.1  
32.4  
38.7  
91.6  
299.8  
12.7  
0.3  
37.5  
1/ Revised  
2/ Provisional  
3/ Includes other receipts from Education Tax, FGN Independent Revenue and Levies  
4/ As contained in memorandum items  
5/ Includes Education Tax and Custom Levies  
6/ Includes excess non-oil Revenue  
47  
Source: Federal Ministry of Finance (FMF)  
Table 20  
Federally-collected Revenue Distributions  
(Naira Billion)  
2013  
5,988.7  
2014  
6,070.5  
2015  
4,369.8  
2016 1/  
3,107.9  
2017 2/  
4,370.7  
Federally Collected Revenue (Net)  
Add  
Other Revenue  
1,763.5  
464.2  
0.00  
891.4  
76.0  
696.6  
15.6  
847.8  
323.6  
0.0  
626.2  
258.2  
0.00  
Excess Crude/PPT  
Share of Budgtary Difference  
NNPC Refund (incl. additional NNPC Distribution & NLNG Distribution)  
Recovery of Understated Revenue  
Excess Non-Oil Revenue  
0.00  
0.00  
91.4  
135.1  
0.00  
435.6  
0.00  
105.5  
3.0  
55.3  
0.00  
0.9  
0.00  
230.70  
-
0.00  
0.0  
0.00  
Revenue Augmentation  
781.3  
0.00  
0.00  
0.0  
0.00  
Exchange Rate Gain (incl. add. Distr. To states and LGCs)  
SURE-P/Solid Mineral Revenue  
Total Revenue  
23.03  
426.6  
6,961.9  
245.40  
0.00  
405.8  
9.9  
311.8  
0.0  
426.6  
7,752.2  
5,066.4  
3,955.7  
4,996.9  
Distributed as Follows  
Statutory Allocation  
5,988.7  
2,830.8  
1,435.8  
1,107.0  
615.0  
0.00  
6,070.5  
2,877.1  
1,459.3  
1,125.1  
609.0  
0.00  
4,369.8  
2,104.3  
1,067.3  
822.9  
375.3  
0.00  
3,107.9  
1,524.0  
773.0  
596.0  
214.9  
9.9  
4,370.7  
2,119.8  
1,075.2  
828.9  
Federal Government  
State Government  
Local Government  
13% Derivation  
346.8  
Solid Mineral Revenue  
Federal Government  
State Government  
0.0  
0.00  
0.00  
0.00  
4.5  
0.0  
0.0  
0.0  
0.0  
0.00  
0.00  
0.00  
2.3  
Local Government  
0.00  
0.00  
0.00  
1.8  
13% Derivation (Solid Mineral)  
Excess Crude/Excess PPT  
Federal Government  
State Government  
0.00  
0.00  
0.00  
1.3  
464.2  
212.7  
107.9  
83.2  
76.0  
15.6  
323.6  
148.3  
75.2  
58.0  
42.1  
0.0  
258.2  
34.8  
7.2  
119.3  
60.5  
46.7  
31.8  
17.7  
3.6  
Local Government  
13.6  
2.8  
13% Derivation  
60.3  
9.9  
2.0  
Share of Diff.Btw. Provisional Distribution and Actual Budget  
Federal Government  
State Government  
0.00  
0.00  
0.00  
0.0  
0.00  
0.00  
0.00  
0.0  
0.0  
0.0  
0.0  
0.0  
0.00  
0.00  
0.00  
0.0  
Local Government  
0.00  
0.00  
0.00  
0.0  
13% Derivation  
0.00  
0.00  
0.00  
0.0  
NNPC Refunds (incl. NNPC additional Distribution & NLNG Distribution)  
Federal Government  
State Government  
91.4  
135.1  
58.22  
34.9  
435.6  
264.4  
95.6  
105.5  
91.5  
7.9  
55.3  
39.0  
10.9  
5.4  
0.00  
44.9  
Local Government  
34.6  
26.9  
73.7  
6.1  
13% Derivation  
11.9  
15.1  
1.9  
0.0  
0.0  
0.9  
Recovery of Understated Revenue/Recovered Bank Charges  
Federal Government  
State Government  
0.00  
0.00  
0.00  
3.0  
0.00  
0.00  
0.00  
1.6  
0.5  
0.00  
0.00  
0.00  
0.8  
0.3  
Local Government  
0.00  
0.00  
0.00  
0.6  
0.2  
13% Derivation  
0.00  
0.00  
0.00  
0.0  
0.0  
Share of Excess Non-Oil Revenue  
Federal Government  
State Government  
0.00  
230.70  
121.50  
61.70  
47.50  
0.00  
0.00  
0.0  
0.0  
0.00  
0.00  
0.0  
0.0  
0.00  
0.00  
0.0  
0.0  
Local Government  
0.00  
0.00  
0.0  
0.0  
13% Derivation  
0.00  
0.00  
0.0  
0.0  
Federation Revenue Augmentation/NLNG Dividend  
Federal Government  
State Government  
781.3  
358.1  
181.6  
140.0  
101.6  
426.6  
195.5  
99.2  
0.00  
0.00  
0.0  
0.0  
0.00  
0.00  
0.0  
0.0  
0.00  
0.00  
0.0  
0.0  
Local Government  
0.00  
0.00  
0.0  
0.0  
13% Derivation  
0.00  
0.00  
0.0  
0.0  
SURE-P  
426.6  
195.5  
99.2  
0.00  
0.00  
0.0  
0.0  
Federal Government  
State Government  
0.00  
0.0  
0.00  
0.0  
0.0  
Local Government  
76.5  
76.5  
0.00  
0.0  
0.0  
13% Derivation  
55.5  
55.5  
0.00  
0.0  
0.0  
Exchange Rate Gain (incl. add. Distr. To states and LGCs)  
Federal Government  
State Government  
0.00  
23.03  
2.81  
245.4  
112.94  
57.29  
44.16  
31.00  
5066.4  
2,488.8  
1,223.8  
943.5  
410.3  
747.6  
112.1  
373.8  
405.8  
194.7  
98.7  
76.1  
36.3  
3,955.6  
1,964.6  
957.9  
738.5  
294.6  
778.6  
116.8  
389.3  
311.8  
146.0  
74.0  
57.1  
34.7  
4,996.9  
2,424.6  
1,220.9  
938.2  
413.2  
928.9  
139.3  
464.5  
0.00  
0.00  
8.73  
Local Government  
0.00  
6.70  
13% Derivation  
0.00  
4.80  
Total Statutory Revenue Distribution  
Federal Government  
State Government  
7,752.2  
3,597.2  
1,869.4  
1,441.3  
844.3  
763.8  
114.6  
381.9  
6,961.9  
3,290.0  
1,681.5  
1,296.2  
694.2  
762.5  
114.4  
381.2  
Local Government  
13% Derivation  
VAT POOL  
Federal Government  
State Government  
Local Government  
Total Statutory Revenue and VAT Distribution  
Federal Government  
State Government  
Local Government  
13% Derivation  
267.3  
8,515.9  
3,711.7  
2,251.3  
1,708.6  
844.3  
266.9  
7,724.4  
3,404.4  
2,062.7  
1,563.1  
694.2  
261.7  
5,814.0  
2,600.9  
1,597.6  
1,205.2  
410.3  
272.5  
4,734.2  
2,081.4  
1,347.2  
1,011.0  
294.6  
325.1  
5,925.9  
2,563.9  
1,685.4  
1,263.4  
413.2  
1/ Revised  
1/ Provisional  
48  
Source: FMF and CBN  
49  
Table 21  
Summary of General Government Finances 1/  
(Naira Billion)  
2013  
2014  
2015  
2016  
2017 2/  
Total Revenue (Gross)  
Oil Revenue (Gross)  
Less:  
12,214.8  
6,809.2  
11,585.2  
6,793.8  
8,944.8  
3,830.1  
8,162.8  
2,693.9  
10,664.5  
4,109.8  
Deductions  
Oil Revenue (Net)  
Add:  
2,078.2  
4,731.0  
2,109.2  
4,684.6  
943.0  
2,887.1  
1,040.1  
1,653.8  
1,443.4  
2,666.4  
Revenue Augmentation from Excess Crude/PPT  
Revenue from Oil Sources  
Non-Oil Revenue (Gross)  
of which: VAT  
1,763.5  
6,494.5  
2,950.6  
795.6  
660.7  
5,345.3  
3,275.0  
794.2  
696.6  
3,583.7  
3,082.4  
778.7  
844.8  
2,498.6  
2,922.5  
811.0  
625.3  
3,291.7  
3,207.9  
967.7  
International Trade Taxes  
Corporate Tax  
FGN Independent Revenue  
Less:  
Deductions  
433.6  
985.5  
274.4  
566.2  
1,207.3  
295.3  
546.2  
1,029.1  
323.4  
548.8  
988.4  
237.7  
628.0  
1,206.3  
156.1  
193.2  
2,757.3  
419.3  
2,855.7  
123.7  
2,958.7  
115.4  
2,807.1  
168.7  
3,039.2  
Non-Oil Revenue (Net)  
Add:  
SG Internally-Generated Revenue 3/  
LG Internally-Generated Revenue 4/  
Non-oil excess revenue 5/  
Grants & Others  
Revenue from Non-Oil Sources  
Add:  
657.0  
29.3  
-
5.2  
3,448.8  
801.3  
36.5  
230.7  
17.8  
3,942.1  
755.8  
24.0  
0.0  
49.2  
3,787.7  
746.3  
36.4  
3.0  
53.3  
3,605.8  
765.0  
38.2  
0.9  
84.5  
3,927.9  
Balances in FG Special Accounts for the Previous Year & Others  
Total Collected Revenue (Net)  
Transfers:  
-
9,943.3  
0.00  
9,287.3  
506.72  
7,878.1  
865.61  
6,970.0  
1,833.74  
9,053.3  
Education Tax & Other Levies  
Others 6/  
AGGREGATE REVENUE  
281.0  
9.8  
9,652.6  
312.8  
10.1  
8,964.4  
320.2  
11.3  
7,546.7  
273.9  
8.2  
6,687.9  
180.5  
69.3  
8,803.5  
TOTAL EXPENDITURE  
Recurrent Expenditure  
Goods & Services  
Personnel Cost  
Pension  
Overhead Cost  
Others  
Interest Payments  
Foreign  
Domestic  
11,039.0  
6,429.2  
5,571.5  
3,628.5  
273.0  
1,349.7  
320.3  
857.7  
55.7  
802.0  
3,599.7  
1,010.1  
61.3  
10,184.2  
6,574.6  
5,523.3  
3,694.7  
325.6  
1,248.0  
255.0  
1,051.3  
61.3  
990.0  
2,826.9  
782.8  
25.8  
9,704.3  
6,821.8  
5,696.7  
3,665.8  
423.7  
1,130.9  
476.3  
1,125.1  
63.6  
1,061.5  
2,116.1  
766.5  
37.9  
9,673.4  
6,920.9  
5,429.8  
3,440.3  
427.9  
1,370.5  
191.1  
1,491.1  
77.3  
1,413.7  
2,043.7  
708.8  
37.6  
11,863.6  
8,273.0  
6,226.8  
2,883.8  
477.8  
2,340.4  
524.7  
2,046.2  
55.8  
1,990.4  
2,347.2  
1,243.3  
10.2  
Capital Expenditure  
Transfers  
NDDC  
NJC  
UBE  
67.0  
76.1  
68.0  
64.6  
74.0  
56.8  
70.0  
77.1  
10.8  
15.4  
Subnational Governments' Transfers  
Special funds  
Other Transfers  
Balances  
0.00  
474.1  
331.5  
0.00  
268.4  
356.0  
0.00  
221.5  
376.3  
0.00  
241.0  
283.0  
12.87  
496.3  
697.6  
Current Balance  
Primary Balance  
OVERALL BALANCE  
3,223.3  
(528.8)  
(1,386.5)  
2,389.9  
(168.5)  
(1,219.8)  
724.9  
(1,032.6)  
(2,157.7)  
(233.0)  
(1,494.4)  
(2,985.5)  
530.5  
(1,013.8)  
(3,060.1)  
FINANCING  
1,386.5  
31.5  
1,355.0  
922.8  
58.7  
864.1  
257.7  
174.5  
1,219.8  
24.4  
1,195.5  
694.1  
-
694.1  
195.4  
306.0  
2,157.7  
35.8  
2,985.5  
53.7  
2,931.8  
647.0  
0.2  
646.8  
246.6  
2,038.2  
3,060.1  
790.7  
2,269.4  
435.6  
-
435.6  
1,180.0  
653.8  
Foreign (Net)  
Domestic (Net)  
Banking System  
CBN/Sinking Fund  
DMBs  
2,121.9  
1,334.0  
616.0  
718.1  
111.9  
676.0  
Non-Bank Public  
Other Funds  
1/ Revised  
2/ Provisional  
3/ This excludes SG Statutory Allocation to LGs in 2012  
4/ This includes SG Statutory Allocation to LGs in 2012  
5/ Includes Recovered Excess Bank Charges  
6/ Includes Transfer to FCT, NITDF and transfer to NHIS  
50  
Source: FMF  
51  
Table 22  
General Government’s Expenditure on Selected Primary Welfare Sectors  
(Naira Billion)  
2016 1/  
Capital  
109.1  
95.7  
2017 2/  
Capital  
133.4  
83.4  
2017 2/  
2016 1/ 2017 2/  
As % of GDP  
Selected Sectors  
Recurrent  
878.4  
Total  
Recurrent  
1,022.6  
448.4  
Total  
Changes  
% Change  
Education  
987.5  
1,156.0  
168.4  
151.4  
(6.2)  
17.1  
1.0  
0.4  
0.2  
1.6  
1.0  
0.5  
0.2  
1.7  
Health  
284.7  
380.5  
184.0  
531.8  
177.8  
39.8  
(3.4)  
20.2  
Agriculture  
91.3  
92.7  
84.6  
93.2  
Total  
1,254.4  
297.6  
1,552.0  
1,555.5  
310.1  
1,865.6  
313.6  
1/ Revised  
2/ Provisional  
Source: Federal Ministry of Finance and Central Bank of Nigeria  
52  
Table 23  
Summary of Federal Government Finances  
(Naira Billion)  
2013  
4,031.8  
2014  
3,751.7  
2015  
3,431.1  
2016 1/  
3,184.7  
2017 2/  
4,541.1  
FEDERAL GOVERNMENT RETAINED REVENUE  
Share of Federation Account  
2,830.8  
114.6  
274.4  
570.8  
195.5  
-
2,877.1  
114.4  
295.3  
34.8  
2,104.3  
112.1  
323.4  
7.2  
1,524.0  
116.8  
237.7  
148.3  
4.5  
2,119.8  
139.3  
156.1  
119.3  
Share of VAT Pool Account  
Federal Government Independent Revenue  
Share of Excess Crude/PPT Account (incl. Augment.)  
Share from SURE-P Distribution/ Solid Mineral Revenue  
Share from Excess Non-Oil / Recovered Bank Charges  
NNPC Refund (Incl. Additional NNPC Distribution & NLNG Dist.)  
Exchange Gain  
195.5  
121.6  
58.2  
-
0.0  
-
1.6  
0.5  
39.0  
-
264.4  
112.9  
506.7  
91.5  
-
2.8  
194.7  
865.6  
146.0  
Others (including TSA/ E -collection Pool Account ) 3/  
45.7  
52.0  
1,821.1  
TOTAL EXPENDITURE  
Recurrent Expenditure  
Goods and Services  
Personnel Cost  
Pension  
5,185.3  
3,689.1  
2,386.8  
1,721.3  
139.7  
525.8  
828.1  
55.7  
4,587.4  
3,426.9  
2,216.8  
1,656.2  
182.8  
377.8  
941.7  
61.3  
4,988.9  
3,831.9  
2,550.0  
1,869.3  
208.1  
472.6  
1,060.4  
63.6  
5,378.0  
4,160.1  
2,493.1  
1,690.0  
184.8  
618.4  
1,426.0  
77.3  
6,818.5  
5,214.8  
2,759.2  
1,003.8  
250.0  
Overhead Cost 4/  
Interest Payments  
Foreign  
1,505.4  
1,959.2  
55.8  
Domestic  
772.4  
474.1  
474.1  
1,108.4  
1,108.4  
912.9  
195.5  
387.9  
61.3  
880.4  
268.4  
268.4  
783.1  
783.1  
587.6  
195.5  
377.4  
25.8  
996.8  
221.5  
221.5  
818.4  
818.4  
601.3  
217.1  
338.6  
37.9  
1,348.6  
241.0  
241.0  
751.4  
751.4  
104.8  
646.6  
466.5  
37.6  
1,903.4  
496.3  
Transfers  
Special funds and others 5/  
Capital Expenditure & Net Lending  
Domestic Financed Budget  
Budgetary  
496.3  
1,163.2  
1,163.2  
754.9  
SURE-P/ Loan to Ex Dom Naira Account 6/  
Transfers  
408.4  
440.5  
NDDC  
10.2  
NJC  
67.0  
68.0  
74.0  
70.0  
10.8  
UBE  
76.1  
64.6  
56.8  
77.1  
15.4  
Others  
183.4  
219.0  
169.9  
281.8  
404.0  
BALANCES  
Primary Surplus(+)/Deficit(-)  
Current Surplus(+)/Deficit(-)  
OVERALL SURPLUS(+)/DEFICIT(-)  
(325.4)  
342.8  
106.0  
324.8  
(497.4)  
(400.9)  
(767.3)  
(975.4)  
(318.1)  
(673.7)  
(1,153.5)  
(835.7)  
(1,557.8)  
(2,193.3)  
(2,277.4)  
FINANCING  
1,153.5  
-
835.7  
-
1,557.8  
-
2,193.3  
-
2,277.4  
Foreign (Net)  
722.0  
Domestic (Net)  
Banking System  
Central Bank  
1,153.5  
510.4  
58.7  
451.7  
257.7  
-
835.7  
428.8  
-
1,557.8  
834.1  
616.0  
218.1  
111.9  
72.6  
2,193.3  
278.2  
0.2  
1,555.4  
-
-
Deposit Money Banks  
Non-Bank Public  
Privatization Proceed  
Other Funds 7/  
428.8  
195.4  
-
278.0  
246.6  
5.9  
-
1,180.0  
-
385.3  
211.5  
539.2  
1,662.6  
375.4  
1/ Revised  
2/ Provisional  
3/ Includes unspent balances from previous FY& FG balances of special accounts  
4/ Includes 1% Police Reform Deductions in 2015  
5/ Includes other statutory deduction  
6/ Includes 2015 Capital Releases, refund to MDAs from TSA, Mopped up capital refunded  
7/ Includes FG's contribution to the External Creditors' Fund  
Source: Federal Ministry of Finance  
53  
Table 24  
Functional Classification of Federal Government Recurrent and Capital Expenditure  
(Naira Billion)  
TOTAL EXPENDITURE  
5,185.3  
4,587.4  
4,988.9  
5,378.0  
6,818.5  
5,214.8  
A. RECURRENT EXPENDITURE  
3,689.1  
3,426.9  
3,831.9  
4,160.1  
A1. ADMINISTRATION  
General Administration  
Defence  
1,111.8  
546.8  
272.3  
292.7  
992.8  
445.2  
274.5  
273.1  
1,229.0  
488.2  
330.6  
410.2  
1,277.0  
479.2  
380.2  
417.7  
1,297.1  
555.4  
352.9  
388.9  
Internal Security  
A2. ECONOMIC SERVICES  
Agriculture  
291.2  
39.4  
266.4  
36.7  
275.4  
41.3  
255.8  
36.3  
307.7  
43.5  
Roads & Construction  
Transport & Communications  
Others  
92.2  
116.3  
18.3  
114.6  
24.4  
97.9  
119.4  
23.2  
18.5  
20.6  
141.1  
95.1  
95.1  
101.0  
121.7  
A3. SOCIAL & COMMUNITY SERVICES  
844.1  
390.4  
180.0  
273.7  
774.8  
343.8  
196.0  
235.0  
807.6  
325.2  
257.7  
224.7  
775.6  
339.3  
200.8  
235.4  
904.5  
394.9  
236.1  
273.5  
Education  
Health  
Others  
A4. TRANSFERS  
Public Debt Charges (Int)  
Domestic  
1,442.0  
828.1  
772.4  
55.7  
1,392.9  
941.7  
880.4  
61.3  
1,520.0  
1,060.4  
996.8  
63.6  
1,851.8  
1,426.0  
1,348.6  
77.3  
2,705.6  
1,959.2  
1,903.4  
55.8  
Foreign  
Pensions & Gratuities  
FCT & Others  
Others  
139.7  
474.1  
-
182.8  
268.4  
-
208.1  
221.5  
30.0  
184.8  
241.0  
-
250.0  
496.3  
-
B. CAPITAL EXPENDITURE  
1,108.4  
783.1  
818.4  
751.4  
1,163.2  
B1. ADMINISTRATION  
General Administration  
Defence  
283.6  
237.8  
33.7  
229.6  
147.9  
33.4  
226.8  
110.2  
80.6  
178.0  
118.9  
28.1  
309.2  
203.8  
60.1  
Internal Security  
12.1  
48.3  
36.0  
30.9  
45.3  
B2 ECONOMIC SERVICES  
Agriculture & Natural Resources  
Manuf., Mining & Quarrying  
Transport & Communications  
Housing  
505.8  
56.4  
4.3  
393.4  
61.9  
6.6  
348.7  
73.9  
4.9  
309.3  
47.8  
4.8  
522.4  
83.0  
7.2  
58.4  
11.4  
110.8  
264.5  
59.5  
21.5  
142.9  
101.0  
44.3  
16.0  
134.3  
75.3  
46.6  
16.5  
108.2  
85.4  
71.1  
23.0  
172.0  
166.1  
Roads & Construction  
Others  
B3 SOCIAL & COMMUNITY SERVICES  
154.7  
35.4  
32.4  
86.9  
111.3  
40.8  
40.7  
29.7  
83.0  
30.4  
30.3  
22.2  
94.3  
33.8  
31.7  
28.8  
147.9  
48.8  
47.2  
51.8  
Education  
Health  
Others  
B4 TRANSFERS  
164.3  
15.4  
-
48.8  
16.7  
-
159.8  
111.5  
-
169.9  
183.7  
98.0  
-
Capital Supplementation  
Net Lending to States/L.Gs/Parast.  
Grants to States  
169.9  
-
-
-
-
-
-
-
Others  
148.9  
32.1  
48.3  
85.7  
C. STATUTORY TRANSFERS  
387.9  
61.3  
377.4  
25.8  
338.6  
37.9  
466.5  
37.6  
440.5  
10.2  
NDDC  
NJC  
67.0  
68.0  
74.0  
70.0  
10.8  
UBE  
76.1  
64.6  
56.8  
77.1  
15.4  
Others  
183.4  
219.0  
169.9  
281.8  
404.0  
1/ Revised  
2/ Provisional  
Source: Federal Ministry of Finance, Office of the Accountant-General of the Federation and Central Bank of Nigeria.  
54  
Table 25  
Federal Government Expenditure on Primary Welfare Sectors  
(Naira Billion)  
2016 1/  
Capital  
33.8  
2017 2/  
Capital  
48.8  
2017 2/  
2016 1/  
2017 2/  
Selected Sectors  
Recurrent  
339.3  
200.8  
36.3  
Total  
Recurrent  
394.9  
236.1  
43.5  
Total  
Change  
% Change  
As % of GDP  
Education  
373.1  
443.7  
70.6  
18.9  
21.9  
50.4  
41.4  
27.8  
26.8  
0.4  
0.2  
0.1  
0.2  
0.9  
5.2  
0.4  
0.3  
0.1  
0.3  
1.0  
6.1  
Health  
31.7  
232.5  
84.1  
47.2  
283.3  
126.4  
50.9  
42.3  
Agriculture  
47.8  
83.0  
Roads and Contruction  
Total  
97.9  
108.2  
221.4  
206.1  
895.8  
5,378.0  
119.4  
793.9  
172.0  
351.1  
291.4  
85.3  
674.3  
1,144.9  
6,818.5  
249.1  
1,440.5  
Total Expenditure  
1/ Revised  
2/ Provisional  
Source: Federal Ministry of Finance and Central Bank of Nigeria  
55  
Table 26  
State Governments’ and FCT’s Finances  
(Naira Billion)  
2013  
2014  
2015  
2016 1/  
2017 1/  
Total Revenue plus Grants  
Share of Federation Account 2/  
Budget Augmentation  
3,905.4  
2,104.6  
290.0  
215.1  
-
3,672.0  
2,122.9  
-
2,859.0  
1,482.6  
-
2,467.7  
2,992.5  
1,016.9  
-
1,462.3  
-
Exchange Gain/NNPC Refund/SURE-P 3/  
Additional fund for Sub-national govt 4/.  
Excess Crude/PPT 5/  
211.6  
11.4  
28.2  
64.0  
388.9  
-
193.0  
-
148.4  
0.8  
123.1  
0.3  
172.3  
-
5.8  
120.1  
-
94.5  
Non-Oil Excess  
-
-
Share of VAT  
389.5  
-
381.3  
-
397.1  
3.5  
473.8  
-
Solid Mineral Revenue  
Internally Generated Revenue  
Share of Stabilization Fund  
Grants & Others  
657.0  
27.6  
49.2  
801.3  
-
755.8  
-
746.3  
0.1  
765.0  
3.1  
43.8  
40.6  
(4.7)  
3,469.2  
2,267.3  
890.9  
507.7  
209.5  
215.6  
64.7  
-
34.5  
30.2  
3,209.2  
2,007.7  
961.6  
636.5  
17.8  
243.1  
65.1  
-
70.4  
25.56  
3,702.9  
2,663.0  
941.5  
713.5  
294.5  
227.8  
87.0  
Total Expenditure  
Recurrent Expenditure  
Personnel Cost  
Overhead Cost  
CRF Charges  
4,046.8  
1,948.4  
913.4  
558.2  
85.7  
3,983.0  
2,120.5  
956.0  
687.2  
65.1  
Pensions  
133.3  
29.6  
142.7  
109.6  
-
Debt Charges  
Transfer to LGs  
Other Transfers  
Others  
-
12.9  
148.1  
80.0  
137.0  
22.8  
206.4  
172.6  
1,201.8  
-
290.1  
95.7  
83.7  
1,201.5  
Capital Expenditure 6/  
2,098.4  
1,862.5  
1,039.9  
Current Balance 7/  
Overall Balance 7/  
1,957.0  
(141.4)  
1,551.6  
(311.0)  
591.7  
460.0  
329.5  
(610.1)  
(741.5)  
(710.4)  
Financing  
141.4  
31.5  
311.0  
24.4  
610.1  
35.8  
741.5  
53.7  
710.4  
68.7  
External Loans  
Internal Loans  
412.4  
(302.4)  
261.9  
24.7  
494.3  
80.0  
365.9  
321.9  
433.5  
208.1  
Other Funds  
1/ Provisional and comprises 36 states and FCT  
2/ Gross Statutory Allocation  
3/ Includes Additional fund from NNPC in 2014 $ 2015 as well as NLNG Distribution in 2015 and 2016  
4/ Comprises Distribution to Recovered Excess Bank Charges in 2016  
5/ Includes Distribution from Forex Equalisation Account of N17.6 trillion in 2017  
6/ Includes Contribution to External Debt and other Deductions at Source  
7/ positive (+) sign connotes surplus while negative (-) sign connotes deficit  
Sources: State Governments' Ministries of Finance and Office of the Accountant-General of the Federation's Reports  
56  
Table 27  
Functional Classification of State Governments’ Recurrent and Capital Expenditure 1/  
(Naira Billion)  
2013  
4,046.8  
2014  
3,983.0  
2015  
3,469.2  
2016  
3,209.3  
2017 2/  
3,702.9  
TOTAL EXPENDITURE  
A. RECURRENT EXPENDITURE  
1,948.4  
2,120.5  
2,267.3  
2,007.8  
2,663.0  
A1. ADMINISTRATION  
General Administration  
State Assembly  
State Judiciary  
951.3  
560.9  
46.5  
59.7  
284.2  
771.4  
520.6  
109.1  
83.5  
1,357.9  
1,157.5  
28.9  
1,076.8  
937.8  
6.8  
14.3  
117.9  
1,196.8  
844.5  
84.4  
90.8  
177.1  
76.9  
94.6  
Others  
58.3  
A2. ECONOMIC SERVICES  
248.2  
56.3  
32.9  
5.1  
53.4  
30.6  
0.8  
11.8  
28.0  
29.3  
418.3  
115.3  
9.7  
17.3  
9.0  
44.8  
-
34.4  
70.3  
117.5  
194.4  
45.0  
6.3  
10.3  
35.2  
22.1  
10.3  
6.6  
436.3  
49.6  
3.8  
33.0  
9.6  
83.8  
1.8  
0.8  
141.5  
112.4  
528.3  
82.6  
21.2  
13.0  
47.1  
38.7  
6.3  
18.4  
60.1  
240.7  
Industry  
Commerce  
Finance  
Transport  
Cooperative/Supply  
Power (Incl. Rural Electrification)  
Works/Roads Construction  
Others  
49.1  
9.4  
A3. SOCIAL SERVICES  
Education  
Health  
642.6  
257.3  
165.5  
34.0  
31.5  
19.9  
7.9  
735.3  
202.3  
225.6  
28.2  
95.5  
45.7  
32.0  
8.1  
565.5  
130.7  
122.4  
38.4  
42.2  
85.4  
38.7  
80.1  
27.6  
362.0  
93.7  
62.3  
22.6  
7.4  
23.8  
2.6  
114.5  
35.1  
762.4  
230.4  
198.5  
40.5  
64.4  
62.1  
31.6  
40.9  
94.2  
Water Supply  
Information & Culture  
Social & Comm. Dev.  
Housing  
Town & Country Planning  
Others  
5.2  
121.2  
97.9  
A4. TRANSFERS  
106.4  
13.1  
79.8  
13.5  
195.5  
50.4  
145.1  
-
149.5  
82.6  
56.5  
10.4  
132.6  
51.5  
80.5  
0.6  
175.5  
54.6  
109.4  
11.5  
Debt Charges (Interest Payments)  
Pensions & Gratuities  
Others  
B. CAPITAL EXPENDITURE  
2,098.4  
1,862.5  
1,201.8  
1,201.5  
1,039.9  
B1. ADMINISTRATION  
General Administration  
State Assembly  
State Judiciary  
439.6  
249.5  
10.2  
9.3  
170.7  
325.3  
276.3  
21.3  
20.2  
7.5  
97.4  
69.6  
8.1  
18.1  
1.6  
100.1  
25.5  
16.6  
16.9  
41.1  
169.3  
120.2  
9.7  
15.2  
24.2  
Others  
B2. ECONOMIC SERVICES  
862.5  
69.5  
15.1  
10.6  
26.0  
193.8  
1.1  
44.9  
482.3  
19.1  
671.3  
78.6  
12.3  
21.5  
11.2  
100.9  
-
113.4  
320.4  
12.9  
353.9  
41.8  
4.7  
82.0  
6.0  
171.7  
0.6  
9.6  
36.5  
1.0  
377.1  
42.3  
16.6  
2.6  
385.2  
40.5  
6.3  
35.5  
8.2  
110.5  
0.4  
31.9  
146.3  
5.7  
Industry  
Commerce  
Finance  
Transport  
Cooperative/Supply  
Power (Incl. Rural Electrification)  
Works/Roads Construction  
Others  
2.5  
20.5  
0.5  
1.9  
222.3  
68.0  
B3. SOCIAL SERVICES  
Education  
Health  
653.6  
140.1  
270.6  
34.0  
17.2  
19.7  
33.0  
55.1  
83.8  
616.0  
160.1  
110.9  
29.5  
65.3  
68.8  
94.3  
27.1  
60.1  
338.7  
65.9  
120.6  
10.5  
9.5  
42.6  
11.0  
72.6  
5.9  
321.2  
68.1  
44.3  
29.5  
2.9  
47.4  
17.9  
70.7  
40.4  
294.1  
75.4  
66.3  
15.2  
16.9  
27.6  
25.5  
37.4  
29.7  
Water Supply  
Information & Culture  
Social & Comm. Development  
Housing  
Town & Country Planning  
Others  
B4. TRANSFERS  
142.7  
99.6  
40.9  
2.2  
249.8  
44.5  
205.3  
-
411.8  
409.1  
2.2  
403.0  
384.9  
16.2  
2.0  
191.4  
119.3  
71.1  
1.1  
Capital Repayments  
Grants to LGs/Parastatals/Higher Inst.  
Others  
0.5  
1/ Revised  
57  
2/ Provisional and comprises 36 states and FCT  
Sources: State Governments' Accountants-General and OAGF  
58  
59  
Table 28  
Summary of State Governments’ and FCT’s Finances: State-by-State, 2017 1/  
(N’ Billion)  
REVENUE & OTHER RECEIPTS  
Gross Statutory  
Allocation  
2/  
Distribution from  
NNPC Refund FOREX Equalisation SOLID MINERAL  
Account  
Excess Bank  
Charges  
Recovered  
Distribution from Excess  
Crude/PPT  
Exchange Gain  
Sub-Total  
Internally Gen.  
Rev. (IGR)  
Stabilization  
Fund & Others  
S/N  
STATES  
VAT  
Grants  
Others  
TOTAL  
(1)  
(2)  
9.6  
(3)  
(4)  
(5)  
(6)  
1
2
3
4
5
6
7
8
9
Abia  
30.4  
28.2  
121.8  
28.2  
33.9  
97.4  
31.8  
35.2  
28.5  
109.8  
25.4  
33.9  
25.4  
28.5  
26.7  
33.2  
31.7  
37.2  
45.0  
1.5  
1.3  
8.6  
1.3  
1.5  
6.6  
1.4  
1.6  
1.3  
6.7  
1.1  
1.4  
1.1  
1.3  
1.2  
1.7  
1.4  
1.7  
2.0  
0.2  
0.2  
1.2  
0.2  
0.2  
0.9  
0.2  
0.2  
0.2  
1.2  
0.2  
0.3  
0.2  
0.2  
0.2  
0.2  
0.2  
0.2  
0.3  
0.4  
0.3  
1.6  
0.3  
0.4  
1.2  
0.4  
0.4  
0.3  
1.6  
0.3  
0.4  
0.3  
0.3  
0.3  
0.4  
0.4  
0.4  
0.5  
2.2  
1.9  
12.8  
1.9  
2.3  
8.7  
2.2  
2.4  
2.0  
8.8  
1.7  
2.1  
1.7  
2.0  
1.8  
2.4  
2.2  
2.6  
3.1  
0.0  
18.0  
7.6  
-
6.8  
-
-
-
62.4  
57.9  
178.7  
60.4  
67.5  
134.7  
62.3  
54.5  
54.9  
167.9  
41.6  
71.9  
43.7  
50.3  
58.8  
58.1  
56.6  
73.1  
93.8  
Adamawa  
10.0  
10.7  
11.2  
11.4  
9.3  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.1  
1.5  
Akwa Ibom  
Anambra  
Bauchi  
22.0  
8.8  
-
-
5.8  
13.6  
1.5  
0.1  
-
-
2.8  
4.1  
-
-
Bayelsa  
Benue  
7.1  
-
1.9  
10.9  
10.8  
9.7  
15.2  
3.8  
0.2  
-
Borno  
-
-
Cross River  
13.0  
28.5  
3.8  
-
-
-
10 Delta  
11 Ebonyi  
12 Edo  
11.3  
9.1  
-
-
-
-
-
0.4  
-
-
10.6  
9.1  
22.5  
4.9  
-
0.2  
13 Ekiti  
1.1  
-
-
14 Enugu  
15 Gombe  
16 Imo  
10.4  
9.1  
7.5  
-
-
17.2  
9.5  
2.2  
-
0.1  
-
-
10.7  
11.3  
13.7  
20.7  
-
5.1  
-
17 Jigawa  
18 Kaduna  
19 Kano  
4.3  
0.0  
0.5  
-
0.0  
-
16.9  
22.2  
-
-
1/ Provisional  
2/ Gross allocation  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds  
4/ This Includes transfers from CRF and Miscellaneous Receipts  
60  
Sources: State Governments' and FCT Abuja Accountants-General’s Reports  
61  
Table 28 Contd.  
Summary of State Governments’ and FCT’s Finances: State-by-State, 2017 1/  
(N’ Billion)  
REVENUE & OTHER RECEIPTS  
Gross Statutory  
Allocation  
2/  
Distribution from  
NNPC Refund FOREX Equalisation SOLID MINERAL  
Account  
Excess Bank  
Charges  
Recovered  
Distribution from Excess  
Crude/PPT  
Exchange Gain  
Sub-Total  
Internally Gen.  
Rev. (IGR)  
Stabilization  
Fund & Others  
S/N  
STATES  
VAT  
Grants  
Others  
TOTAL  
(1)  
(2)  
12.6  
(3)  
(4)  
(5)  
(6)  
20 Katsina  
21 Kebbi  
22 Kogi  
34.9  
29.9  
31.3  
25.2  
38.2  
26.1  
33.6  
26.3  
41.2  
25.9  
31.8  
29.6  
100.8  
31.2  
27.3  
28.2  
28.2  
40.2  
1.6  
1.3  
1.4  
1.1  
1.7  
1.2  
1.5  
1.2  
2.6  
1.2  
1.4  
1.3  
7.7  
1.4  
1.2  
1.3  
1.3  
1.8  
0.2  
0.2  
0.2  
0.2  
0.2  
0.2  
0.2  
0.2  
0.3  
0.2  
0.2  
0.2  
0.9  
0.2  
0.2  
0.2  
0.2  
0.3  
0.4  
0.3  
0.4  
0.3  
0.4  
0.3  
0.4  
0.3  
0.5  
0.3  
0.4  
0.3  
1.3  
0.4  
0.3  
0.3  
0.3  
0.5  
2.4  
2.1  
2.2  
1.7  
2.6  
1.8  
2.3  
1.8  
3.7  
1.8  
2.2  
2.0  
9.2  
2.2  
1.9  
1.9  
1.9  
3.2  
0.0  
5.9  
6.9  
0.2  
-
-
58.1  
50.7  
52.4  
59.5  
391.1  
42.6  
55.5  
62.9  
65.5  
49.3  
76.0  
50.1  
246.0  
52.4  
48.1  
44.3  
64.8  
74.0  
-
9.9  
10.0  
9.1  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
0.0  
-
-
-
6.1  
0.8  
-
0.2  
-
-
23 Kwara  
24 Lagos  
20.5  
267.7  
4.4  
0.7  
0.4  
80.2  
8.6  
-
-
25 Nassarawa  
26 Niger  
-
-
-
0.8  
1.8  
-
10.7  
10.9  
10.2  
10.2  
16.2  
10.0  
18.3  
10.3  
9.1  
5.7  
-
0.3  
-
27 Ogun  
20.4  
7.0  
-
28 Ondo  
-
-
29 Osun  
9.9  
-
-
-
30 Oyo  
21.6  
6.5  
-
-
2.2  
-
31 Plateau  
32 Rivers  
-
0.1  
1.4  
0.3  
0.1  
-
106.4  
5.7  
-
-
33 Sokoto  
34 Taraba  
35 Yobe  
-
0.8  
0.1  
-
6.0  
1.8  
9.1  
3.3  
-
36 Zamfara  
37 FCT  
9.8  
5.3  
-
-
17.7  
-
9.3  
18.7  
-
-
-
-
38 Escrow (Disputed Fund)  
-
-
TOTAL  
1,462.3  
77.0  
11.1  
17.6  
-
111.9  
473.8  
0.3  
765.0  
35.1  
3.1  
35.4  
2,992.5  
1/ Provisional  
2/ Gross allocation  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds  
4/ Includes transfers from CRF and Miscellaneous Receipts  
62  
Sources: State Governments' and FCT Abuja Accountants-General’s Reports  
Table 28 Contd.  
Summary of State Government and FCT’s Finances: State-By-State, 2017 1/  
(N’ Billion)  
EXPENDITURE & TRANSFERS  
BALANCE  
FINANCING  
RECURRENT  
Personnel Overhead  
LOANS  
External  
(18)  
TOTAL  
EXPENDITURE  
OTHER  
FUNDS 3/  
S/N  
STATES  
SUB-TOTAL  
CAPITAL  
(11)  
Current  
Overall  
TOTAL  
Transfers  
Others  
(9)  
Internal  
(17)  
Sub-Total  
Cost  
Cost  
(7)  
(8)  
(10)  
31.1  
(13)  
(14)  
31.2  
(15)  
(19)  
1
2
Abia  
9.3  
0.6  
21.2  
1.6  
3.6  
7.0  
8.2  
26.5  
2.2  
4.2  
5.3  
48.9  
2.2  
6.4  
15.9  
2.2  
5.6  
10.8  
2.6  
7.2  
2.1  
-
16.9  
48.1  
111.9  
167.9  
46.6  
14.3  
16.5  
0.5  
1.4  
17.0  
20.7  
1.1  
(31.3)  
33.2  
(14.3)  
Adamawa  
Akwa Ibom  
Anambra  
Bauchi  
Bayelsa  
Benue  
Borno  
20.9  
32.2  
6.6  
35.2  
7.4  
30.8  
88.5  
43.1  
22.7  
76.4  
86.8  
87.1  
42.3  
43.5  
113.5  
20.9  
69.7  
40.5  
34.1  
82.2  
113.4  
66.8  
53.9  
157.0  
23.4  
124.8  
23.8  
29.1  
27.2  
19.6  
18.6  
18.4  
39.8  
21.5  
19.0  
14.7  
13.6  
19.0  
2.5  
(30.6)  
135.6  
37.6  
(54.0)  
10.8  
19.4  
54.0  
(10.8)  
(13.8)  
38.0  
(20.6)  
44.3  
6.3  
3
-
-
-
1.1  
1.7  
(11.9)  
(15.5)  
30.8  
4
9.2  
-
13.8  
1.7  
5
14.6  
38.6  
26.7  
23.5  
22.0  
34.2  
12.7  
30.6  
20.5  
19.2  
13.4  
12.2  
3.0  
26.0  
21.8  
15.2  
14.6  
16.2  
30.4  
6.1  
27.6  
105.5  
114.0  
106.6  
60.8  
(8.9)  
47.8  
(38.0)  
20.6  
2.7  
150.8  
-
4.5  
7.2  
6
-
0.5  
151.4  
0.0  
(172.0)  
44.3  
7
43.0  
(24.7)  
12.2  
(44.3)  
(6.3)  
(7.0)  
14.6  
0.0  
8
-
-
(0.5)  
3.8  
(0.5)  
3.8  
6.8  
9
Cross River  
Delta  
-
-
61.9  
11.4  
-
3.2  
7.0  
10  
11  
12  
13  
14  
15  
16  
17  
18  
19  
153.3  
42.4  
54.5  
-
(1.3)  
1.0  
(1.3)  
2.5  
(13.3)  
(1.7)  
17.1  
(14.6)  
0.8  
Ebonyi  
Edo  
-
20.7  
(0.8)  
(16.8)  
(11.4)  
2.6  
1.6  
-
32.6  
4.1  
-
88.6  
2.2  
(0.4)  
0.2  
(0.4)  
14.1  
17.1  
14.5  
17.5  
2.1  
16.8  
11.4  
(2.6)  
42.4  
57.8  
47.5  
1.9  
Ekiti  
-
55.2  
3.3  
13.9  
15.5  
12.5  
17.3  
0.6  
0.0  
-
(2.7)  
(19.7)  
27.9  
Enugu  
11.7  
26.2  
20.7  
10.1  
24.9  
37.6  
1.0  
37.0  
69.7  
51.1  
0.0  
-
47.7  
16.2  
1.6  
Gombe  
Imo  
101.2  
115.9  
104.2  
75.0  
(23.4)  
(55.3)  
(10.2)  
19.2  
(42.4)  
(57.8)  
(47.5)  
(1.9)  
(73.0)  
2.0  
0.1  
40.4  
Jigawa  
Kaduna  
Kano  
37.3  
21.1  
9.8  
1.5  
45.4  
21.7  
117.3  
9.0  
9.0  
(7.1)  
68.9  
166.8  
(63.2)  
4.0  
4.0  
73.0  
1/ Provisional  
2/ Gross allocation  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in fund  
4/ Includes transfers from CRF and Miscellaneous Receipts  
63  
Sources: State Governments' and FCT Abuja Accountants-General’s Reports  
64  
Table 28 Contd.  
Summary of State Government and FCT’s Finances: State-By-State, 2017 1/  
(N’ Billion)  
EXPENDITURE & TRANSFERS  
BALANCE  
FINANCING  
RECURRENT  
Personnel Overhead  
LOANS  
External  
(18)  
TOTAL  
EXPENDITURE  
OTHER  
FUNDS 3/  
S/N  
STATES  
SUB-TOTAL  
CAPITAL  
(11)  
Current  
Overall  
TOTAL  
Transfers  
Others  
(9)  
Internal  
Sub-Total  
Cost  
Cost  
(7)  
(8)  
(10)  
41.4  
(13)  
(14)  
16.7  
(15)  
(17)  
-
(19)  
20  
21  
22  
23  
24  
25  
26  
27  
28  
29  
30  
31  
32  
33  
34  
35  
36  
37  
38  
Katsina  
Kebbi  
Kogi  
29.9  
9.2  
9.5  
5.5  
2.4  
9.1  
-
-
22.9  
64.3  
55.0  
51.7  
61.0  
374.0  
56.2  
48.4  
48.7  
90.5  
95.7  
80.3  
75.2  
321.7  
48.4  
54.7  
86.0  
161.9  
142.68  
-
(6.2)  
1.0  
0.4  
1.0  
2.3  
5.2  
1.9  
6.2  
8.1  
16.5  
11.0  
58.6  
10.2  
32.3  
23.6  
25.7  
25.6  
20.0  
22.1  
65.4  
32.3  
19.0  
15.2  
26.5  
20.15  
26.7  
35.2  
28.2  
16.4  
19.3  
122.2  
8.5  
24.0  
17.1  
(4.3)  
0.7  
1.9  
4.3  
(0.7)  
1.5  
3.6  
9.6  
5.8  
0.5  
5.5  
6.3  
(7.0)  
(4.1)  
(117.7)  
3.5  
Kwara  
Lagos  
22.6  
67.8  
23.3  
10.5  
17.3  
49.5  
49.2  
10.1  
26.8  
25.6  
10.5  
8.9  
8.1  
-
41.6  
17.8  
(1.5)  
17.1  
-
5.5  
10.4  
14.2  
0.7  
115.0  
251.8  
47.8  
139.3  
(5.2)  
11.9  
78.7  
21.9  
1.8  
100.6  
10.1  
0.9  
(17.1)  
13.6  
(7.1)  
(14.2)  
25.0  
46.4  
4.4  
Nassarawa  
Niger  
-
(13.6)  
7.1  
8.3  
-
43.6  
4.8  
-
0.9  
(8.0)  
(19.9)  
21.8  
47.3  
9.7  
Ogun  
1.2  
-
-
42.2  
6.6  
20.8  
14.2  
-
5.7  
5.7  
Ondo  
1.6  
76.9  
13.6  
9.8  
(11.3)  
(36.7)  
16.1  
(25.0)  
(46.4)  
(4.4)  
(25.0)  
(75.7)  
4.1  
-
3.1  
3.1  
Osun  
2.7  
8.5  
25.4  
-
86.0  
-
(0.9)  
(5.4)  
(2.0)  
0.7  
(0.9)  
(5.4)  
5.5  
Oyo  
4.3  
59.8  
20.5  
19.2  
176.3  
4.8  
-
7.5  
57.6  
-
Plateau  
Rivers  
7.1  
56.0  
(5.8)  
100.6  
8.9  
19.5  
17.4  
(5.0)  
(7.9)  
41.2  
88.2  
66.22  
-
25.0  
75.7  
(4.1)  
6.6  
6.4  
47.9  
-
145.4  
43.6  
58.3  
1.0  
Sokoto  
Taraba  
0.7  
1.0  
6.4  
-
34.4  
20.3  
16.0  
8.0  
13.7  
(6.6)  
(41.7)  
(97.2)  
(68.68)  
-
14.4  
-
0.1  
14.5  
0.5  
Yobe  
6.8  
2.3  
45.8  
104.8  
87.77  
-
70.1  
(25.8)  
(89.1)  
(46.34)  
-
0.5  
41.7  
97.2  
68.78  
Zamfara  
FCT  
2.9  
19.7  
5.56  
-
153.9  
120.34  
-
8.5  
-
0.4  
9.0  
6.86  
-
22.35  
-
2.56  
-
2.56  
-
Escrow (Disputed Fund)  
-
TOTAL  
941.5  
713.5  
290.1  
705.0  
2,650.1  
1,039.9  
3,690.1  
342.3  
(697.6)  
433.5  
68.7  
502.3  
195.4  
697.7  
1/ Provisional  
2/ Gross allocation  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in fund  
65  
4/ Includes transfers from CRF and Miscellaneous Receipts  
Sources: State Governments' and FCT Abuja Accountants-General’s Reports  
66  
Table 29  
State Governments’ and FCT’s Expenditures on Selected Sectors  
(Naira Billion)  
2016 1/  
Capital  
2017 2/  
Capital  
2017 2/  
Change % Change  
2016  
2017 2/  
Selected Sectors  
Recurrent  
Total  
Recurrent  
Total  
As % of GDP  
Education  
Health  
93.7  
68.1  
161.8  
230.4  
75.4  
305.8  
264.8  
123.2  
55.7  
144.0  
89.0  
0.2  
0.1  
0.1  
0.1  
0.0  
0.4  
3.1  
0.3  
0.2  
0.1  
0.1  
0.1  
0.7  
3.3  
62.3  
49.6  
44.3  
42.3  
106.6  
91.8  
198.5  
82.6  
66.3  
40.5  
158.1  
31.3  
3.6  
148.3  
34.1  
6.9  
Agriculture  
Water Supply  
Housing  
22.6  
29.5  
52.1  
40.5  
15.2  
2.6  
17.9  
20.6  
31.6  
25.5  
57.0  
36.5  
373.5  
493.7  
177.3  
86.3  
15.4  
Total  
230.8  
2,007.7  
202.1  
1,201.5  
432.9  
3,209.2  
583.5  
2,663.0  
222.9  
1,039.9  
806.4  
Total Expenditure  
1/ Revised  
3,702.9  
2/ Provisional  
67  
Source: CBN Annual Fiscal Survey, Federal Ministry of Finance, OAGF & NBS  
68  
Table 30  
Summary of Local Governments’ Finances 1/  
(Naira Billion)  
2013  
2014  
2015  
2016  
1,083.55  
2017 2/  
1,338.0  
A. Gross Revenue  
1,810.0  
1,614.8  
1,245.63  
Share of Federation Account 3/  
Share of VAT  
1,107.0  
267.3  
29.3  
59.4  
12.8  
83.2  
76.5  
34.6  
140.0  
-
1,125.1  
266.9  
36.5  
11.1  
4.1  
822.9  
261.6  
24.0  
5.3  
6.9  
2.8  
-
596.0  
272.5  
36.4  
18.8  
9.8  
58.0  
-
828.95  
325.13  
38.21  
14.09  
12.87  
37.18  
-
Internally Generated Revenue  
Grants and Others 4/  
State Allocation  
Excess Crude/PPT  
13.6  
76.5  
26.8  
-
SURE-P  
NNPC refund to LGs  
Budget Augmentation  
Exchange Gain  
-
-
5.38  
-
-
-
1.1  
44.2  
-
76.1  
0.6  
1.8  
6.1  
7.6  
66.56  
0.19  
-
Non-oil excess revenue/Excess Bank Charges  
Solid Mineral Revenue  
NLNG Dividend  
-
47.5  
-
-
-
-
-
2.6  
75.3  
-
Others 5/  
-
5.6  
9.42  
B. Total Expenditure  
Recurrent Expenditure  
Personnel Cost  
1,806.9  
1,414.0  
993.7  
1,613.8  
1,432.6  
1,082.5  
183.0  
1,246.3  
1,150.4  
905.6  
150.6  
94.2  
1,084.8  
994.0  
788.7  
115.7  
89.7  
1,338.6  
1,194.5  
938.5  
Overhead Cost  
265.6  
121.5  
CRFC & Others  
154.6  
167.1  
134.5  
Capital Expenditure  
Administration  
392.9  
95.0  
181.2  
51.2  
79.5  
48.1  
2.5  
95.9  
9.5  
90.8  
40.7  
12.0  
36.8  
1.3  
144.1  
61.1  
31.2  
48.2  
3.5  
Economic Services  
Social & Community Services  
Transfers  
121.6  
127.2  
49.1  
34.2  
52.2  
-
C. Current Balance  
D. Overall Balance  
396.1  
3.1  
182.2  
0.9  
95.2  
(0.7)  
89.5  
(1.3)  
143.5  
(0.6)  
E. Financing  
(3.1)  
-
(0.9)  
-
0.7  
-
1.3  
-
0.6  
-
External Loans  
Internal Loans  
Opening Cash Balance  
Other Funds 6/  
9.2  
3.3  
0.9  
(5.2)  
5.6  
(0.5)  
(4.4)  
2.9  
1.9  
(3.5)  
2.0  
1.9  
(3.3)  
(32.8)  
20.4  
F. Outstanding Debt  
Domestic  
8.3  
8.3  
2.3  
4.7  
39.7  
39.7  
5.0  
12.0  
12.0  
2.5  
18.2  
18.2  
1.5  
19.1  
19.1  
1.6  
Local Contractors  
Staff Salaries  
6.6  
7.2  
8.9  
9.3  
Staff Pensions/Gratuities  
0.8  
0.5  
0.0  
26.2  
1.9  
1.4  
0.9  
0.0  
7.3  
0.5  
0.0  
7.7  
0.5  
0.0  
Others  
Foreign  
0.0  
1/ Revised  
2/ Provisional  
3/ Gross  
4/ Includes other non-statutory allocations  
5/ Includes Additional Funds to LGCs  
6/ Includes Closing Balance  
Sources: Federal Ministry of Finance and Staff Estimates  
69  
Table 31  
Summary of Local Governments’ Finances (State-by-State, 2017) 1/  
(Naira Billion)  
REVENUE & OTHER RECEIPTS  
Internally Gen. Rev. (IGR)  
Gross Statutory Share of Excess Oil Share of Excess  
S/N  
STATES  
NNPC Refund  
Solid Mineral  
NLNG Dividend  
SURE-P  
7
Exchange Gain  
VAT  
9
State Allocation  
NNPC refund  
14  
Grants and Others  
Others 2/  
16  
TOTAL  
17  
Allocation  
Revenue  
Non-Oil Revenue  
Tax  
10  
Non-Tax  
11  
Sub-Total  
12  
1
2
3
4
5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8
13  
15  
1
2
3
4
5
6
7
8
9
Abia  
17.21  
0.77  
0.97  
1.30  
0.98  
1.11  
0.45  
1.21  
1.31  
0.85  
1.08  
0.63  
0.83  
0.66  
0.84  
0.58  
1.13  
1.19  
1.33  
2.12  
0.00  
0.01  
0.01  
0.01  
0.01  
0.00  
0.01  
0.01  
0.00  
0.01  
0.00  
0.00  
0.00  
0.00  
0.00  
0.01  
0.01  
0.01  
0.01  
0.11  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.38  
5.69  
6.80  
9.39  
7.62  
7.58  
3.53  
7.87  
8.64  
5.98  
8.53  
4.49  
6.54  
5.14  
6.25  
4.10  
8.56  
8.97  
9.70  
18.49  
0.25  
0.40  
0.12  
0.36  
0.16  
0.25  
0.30  
0.58  
0.14  
0.43  
0.17  
0.43  
0.11  
0.29  
0.06  
1.22  
0.24  
0.10  
0.69  
0.24  
1.05  
0.11  
1.22  
0.18  
0.19  
0.33  
0.66  
0.27  
0.78  
0.25  
0.53  
0.05  
0.17  
0.11  
0.23  
0.13  
1.00  
1.89  
0.49  
1.44  
0.23  
1.58  
0.34  
0.44  
0.63  
1.24  
0.41  
1.21  
0.42  
0.96  
0.17  
0.46  
0.17  
1.45  
0.38  
1.10  
2.58  
-
0.11  
-
0.01  
0.98  
0.53  
0.02  
0.03  
0.01  
0.19  
0.07  
0.02  
0.47  
0.10  
0.07  
0.01  
0.27  
0.70  
0.04  
0.20  
0.14  
0.19  
25.67  
34.27  
42.87  
33.92  
35.99  
15.39  
39.22  
43.70  
27.78  
41.65  
21.04  
28.50  
21.94  
28.24  
20.18  
38.58  
40.57  
45.46  
75.37  
Adamawa  
Akwa Ibom  
Anambra  
Bauchi  
21.70  
28.91  
21.82  
24.77  
10.08  
26.95  
29.26  
18.87  
24.17  
13.96  
18.50  
14.69  
18.79  
12.88  
25.19  
26.46  
29.76  
47.37  
0.14  
0.19  
0.14  
0.16  
0.07  
0.17  
0.19  
0.12  
0.16  
0.09  
0.12  
0.10  
0.12  
0.08  
0.16  
0.17  
0.19  
0.31  
1.74  
2.32  
1.75  
1.99  
0.81  
2.16  
2.35  
1.51  
1.94  
1.12  
1.49  
1.18  
1.51  
1.03  
2.02  
2.12  
2.39  
3.80  
0.24  
0.14  
0.19  
0.14  
0.16  
0.07  
0.17  
0.19  
0.12  
0.16  
0.09  
0.12  
0.10  
0.12  
0.08  
0.16  
0.17  
0.19  
0.31  
0.24  
-
-
-
-
0.01  
-
-
Bayelsa  
-
Benue  
0.01  
0.30  
-
0.00  
0.33  
0.01  
0.02  
0.08  
-
Borno  
Cross River  
10 Delta  
11 Ebonyi  
12 Edo  
4.06  
0.16  
-
13 Ekiti  
-
-
14 Enugu  
15 Gombe  
16 Imo  
-
-
0.33  
-
0.30  
0.02  
1.01  
0.00  
0.03  
17 Jigawa  
18 Kaduna  
0.07  
0.83  
0.46  
19 Kano  
1/ Provisional  
2/ Includes LGCs Share of N0.61 billion from Recovered Excess Bank Charges  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds  
Sources: Federal Ministry of Finance and Staff Estimates  
70  
Table 31 Contd.  
Summary of Local Governments’ Finances (State-by-State, 2017) 1/  
(Naira Billion)  
REVENUE & OTHER RECEIPTS  
Internally Gen. Rev. (IGR)  
Gross Statutory Share of Excess Oil Share of Excess  
S/N  
STATES  
NNPC Refund  
Solid Mineral  
NLNG Dividend  
SURE-P  
7
Exchange Gain  
VAT  
9
State Allocation  
NNPC refund  
14  
Grants and Others  
15  
Others 2/  
16  
TOTAL  
17  
Allocation  
Revenue  
Non-Oil Revenue  
Tax  
10  
Non-Tax  
11  
Sub-Total  
12  
1
2
3
4
5
6
8
13  
20 Katsina  
21 Kebbi  
22 Kogi  
36.07  
1.62  
1.02  
1.06  
0.75  
1.27  
0.67  
1.23  
0.88  
0.84  
1.14  
1.44  
0.90  
1.12  
1.12  
0.84  
0.85  
0.76  
0.34  
37.2  
0.01  
0.01  
0.01  
0.00  
0.01  
0.00  
0.01  
0.00  
0.00  
0.01  
0.01  
0.00  
0.01  
0.01  
0.00  
0.00  
0.00  
0.00  
0.2  
0.23  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.90  
11.35  
6.79  
0.48  
0.58  
0.19  
0.05  
3.43  
0.39  
0.48  
0.61  
0.10  
0.23  
0.26  
0.40  
0.19  
0.10  
0.39  
0.80  
1.31  
0.15  
16.4  
0.95  
0.85  
0.20  
0.09  
1.94  
0.46  
1.54  
0.22  
0.06  
0.10  
0.72  
0.22  
0.88  
0.08  
0.32  
1.01  
1.32  
1.44  
21.8  
1.42  
1.42  
0.39  
0.15  
5.37  
0.84  
2.02  
0.83  
0.17  
0.33  
0.98  
0.62  
1.06  
0.18  
0.70  
1.81  
2.63  
1.59  
-
0.23  
-
0.17  
0.02  
0.07  
0.11  
0.02  
0.05  
1.01  
0.04  
0.02  
1.92  
1.52  
0.23  
0.04  
0.03  
0.02  
0.07  
0.03  
0.01  
9.4  
53.76  
34.81  
34.08  
25.02  
85.18  
22.16  
43.60  
40.66  
27.74  
40.91  
53.60  
29.77  
41.43  
36.26  
27.14  
28.77  
27.22  
25.55  
22.76  
23.53  
16.65  
28.36  
14.85  
27.49  
19.61  
18.73  
25.37  
32.00  
20.06  
24.87  
25.05  
18.77  
18.87  
17.05  
7.53  
0.15  
0.15  
0.11  
0.18  
0.10  
0.18  
0.13  
0.12  
0.16  
0.21  
0.13  
0.16  
0.16  
0.12  
0.12  
0.11  
0.05  
5.4  
1.83  
1.89  
1.34  
2.28  
1.19  
2.21  
1.57  
1.50  
2.04  
2.57  
1.61  
2.00  
2.01  
1.51  
1.52  
1.37  
0.60  
66.6  
0.43  
0.15  
0.15  
0.11  
0.18  
0.10  
0.18  
0.13  
0.12  
0.16  
0.21  
0.13  
0.16  
0.16  
0.12  
0.12  
0.11  
0.05  
5.4  
0.38  
0.04  
0.02  
0.49  
0.09  
0.11  
10.40  
0.03  
-
6.85  
0.10  
23 Kwara  
24 Lagos  
25 Nassarawa  
26 Niger  
27 Ogun  
28 Ondo  
29 Osun  
30 Oyo  
5.16  
0.73  
47.20  
4.20  
-
0.16  
8.17  
1.18  
7.19  
-
6.33  
-
8.84  
1.11  
13.16  
6.01  
1.61  
0.10  
0.20  
-
31 Plateau  
32 Rivers  
33 Sokoto  
34 Taraba  
35 Yobe  
-
12.19  
7.49  
-
0.21  
-
5.17  
-
-
5.37  
-
0.16  
0.00  
-
36 Zamfara  
37 FCT  
5.26  
-
14.56  
325.1  
0.86  
12.9  
TOTAL  
828.9  
-
38.2  
14.1  
1,338.0  
1/ Provisional  
2/ Includes Receipt from the Stabilisation Fund  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds  
Sources: Federal Ministry of Finance and Staff Estimates  
71  
Table 31 Cont’d  
Summary of Local Governments’ Finances (State-by-State, 2017) 1/  
(Naira Billion)  
EXPENDITURE & TRANSFERS  
BALANCE  
FINANCING  
OUTSTANDING DEBT  
RECURRENT  
LOANS  
TOTAL  
EXPENDITURE  
OPENING  
BALANCE  
S/N  
STATES  
SUB-TOTAL  
CAPITAL  
23  
Current  
25  
Overall  
26  
OTHER FUNDS 3/  
TOTAL  
32  
Domestic  
Foreign  
34  
TOTAL  
Personnel Cost  
18  
Overhead Cost  
CRFC  
20  
Others  
21  
Internal  
28  
External  
29  
Sub-Total  
30  
19  
22  
24  
27  
31  
33  
35  
1
2
3
4
5
6
7
8
9
Abia  
14.83  
1.79  
10.98  
1.43  
1.15  
0.59  
0.45  
3.03  
3.77  
0.95  
3.24  
1.00  
1.82  
0.69  
2.54  
1.72  
0.50  
5.36  
3.46  
15.37  
1.02  
2.02  
2.63  
9.11  
4.22  
0.65  
2.22  
0.42  
2.59  
3.22  
2.19  
3.01  
3.97  
3.58  
1.55  
1.69  
3.48  
4.46  
4.64  
0.07  
17.7  
0.6  
2.69  
4.6  
18.3  
8.0  
0.61  
12.8  
(0.60)  
9.22  
2.1  
7.4  
(2.08)  
8.2  
0.03  
0.04  
0.03  
0.12  
0.04  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(0.11)  
(0.01)  
(0.31)  
0.08  
(0.1)  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Adamawa  
Akwa Ibom  
Anambra  
Bauchi  
20.56  
25.99  
23.87  
21.96  
11.30  
34.41  
29.65  
36.14  
36.01  
13.60  
23.83  
17.74  
24.71  
17.55  
19.81  
32.70  
32.98  
60.90  
0.10  
33.66  
30.0  
36.34  
34.7  
0.02  
0.02  
0.05  
(0.3)  
0.20  
0.09  
0.0  
0.15  
0.07  
-
0.15  
-
-
-
0.07  
-
0.40  
34.52  
26.77  
13.3  
0.40  
0.04  
0.7  
34.93  
26.81  
14.0  
(1.01)  
9.18  
1.4  
-
-
-
0.00  
0.00  
0.05  
-
-
Bayelsa  
0.87  
(0.07)  
0.09  
0.04  
0.02  
0.11  
0.09  
(0.22)  
0.10  
0.04  
0.04  
0.02  
0.01  
0.03  
0.05  
0.29  
0.3  
(0.20)  
(0.26)  
(0.43)  
(0.12)  
0.05  
1.98  
0.61  
-
1.98  
0.61  
-
Benue  
0.00  
39.67  
33.8  
1.34  
4.8  
41.01  
38.6  
(0.44)  
9.9  
(1.78)  
5.1  
0.30  
0.30  
0.13  
(0.4)  
(0.10)  
0.23  
(0.0)  
(0.32)  
0.2  
Borno  
-
-
-
Cross River  
0.33  
40.01  
42.48  
16.8  
2.95  
0.57  
0.6  
42.96  
43.06  
17.4  
(12.23)  
(0.83)  
4.2  
(15.19)  
(1.40)  
3.7  
-
-
-
-
10 Delta  
11 Ebonyi  
12 Edo  
0.00  
0.07  
0.07  
1.14  
-
1.14  
-
-
-
-
(0.13)  
(0.10)  
0.12  
0.00  
28.66  
22.4  
1.32  
0.7  
29.98  
23.1  
(0.16)  
(0.5)  
(1.48)  
(1.1)  
-
-
1.33  
0.69  
0.13  
-
1.33  
0.69  
0.13  
-
13 Ekiti  
-
-
-
14 Enugu  
15 Gombe  
16 Imo  
-
30.83  
20.83  
22.0  
4.14  
1.86  
0.4  
34.97  
22.69  
22.4  
(2.59)  
(0.65)  
16.6  
(6.73)  
(2.51)  
16.2  
-
-
0.05  
0.09  
0.22  
(0.2)  
(0.25)  
(0.03)  
(0.5)  
-
0.20  
0.20  
(0.02)  
(0.17)  
(0.26)  
(0.05)  
(0.58)  
-
-
-
-
-
-
-
-
-
-
-
17 Jigawa  
18 Kaduna  
-
41.54  
40.90  
80.9  
6.80  
2.07  
5.4  
48.34  
42.97  
86.3  
(0.97)  
4.56  
(7.77)  
2.49  
0.02  
0.35  
0.32  
0.02  
0.35  
0.32  
0.00  
-
19 Kano  
(5.5)  
(10.9)  
1/ Provisional  
2/ Includes Receipt from the Stabilisation Fund  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds  
Sources: Federal Ministry of Finance and Staff Estimates  
72  
Table 31 Cont’d  
Summary of Local Governments’ Finances (State-by-State, 2017) 1/  
(Naira Billion)  
EXPENDITURE & TRANSFERS  
BALANCE  
FINANCING  
OUTSTANDING DEBT  
RECURRENT  
LOANS  
TOTAL  
EXPENDITURE  
OPENING  
BALANCE  
S/N  
STATES  
SUB-TOTAL  
CAPITAL  
23  
Current  
25  
Overall  
26  
OTHER FUNDS 3/  
31  
TOTAL  
32  
Domestic  
Foreign  
34  
TOTAL  
35  
Personnel Cost  
18  
Overhead Cost  
CRFC  
20  
Others  
21  
Internal  
28  
External  
29  
Sub-Total  
30  
19  
22  
24  
27  
33  
20 Katsina  
21 Kebbi  
35.15  
2.08  
1.45  
4.11  
1.32  
4.01  
0.63  
4.00  
0.91  
1.02  
4.00  
1.84  
3.38  
11.53  
2.95  
2.99  
2.26  
11.93  
1.23  
121.5  
5.27  
2.86  
2.04  
4.71  
3.96  
3.86  
1.64  
12.22  
6.31  
5.89  
8.66  
1.09  
4.42  
4.13  
2.01  
2.49  
1.59  
0.57  
130.4  
-
42.50  
1.10  
18.1  
1.68  
0.52  
7.0  
43.60  
11.26  
5.7  
10.16  
(12.5)  
2.52  
1.08  
29.0  
3.43  
1.1  
0.11  
0.00  
0.10  
0.15  
0.23  
0.01  
0.05  
0.09  
0.05  
0.15  
0.12  
0.05  
0.03  
0.04  
0.03  
0.03  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.09  
(0.34)  
(0.30)  
(0.18)  
0.15  
0.19  
0.01  
1.40  
0.52  
0.65  
1.30  
0.57  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.01  
24.83  
23.71  
16.85  
41.16  
12.76  
31.46  
30.94  
24.27  
19.95  
35.43  
16.07  
33.42  
23.26  
23.06  
15.12  
11.99  
20.52  
938.5  
-
29.1  
29.89  
23.42  
49.1  
47.3  
31.57  
23.93  
56.2  
-
-
(0.3)  
(0.20)  
(0.03)  
0.8  
1.40  
0.52  
0.65  
1.30  
0.57  
-
22 Kogi  
0.02  
4.20  
1.60  
36.0  
4.91  
6.5  
0.00  
-
0.00  
-
23 Kwara  
0.54  
24 Lagos  
-
0.45  
0.01  
0.09  
0.00  
-
0.4  
0.01  
0.1  
0.00  
-
25 Nassarawa  
26 Niger  
-
17.25  
37.1  
1.47  
5.4  
18.72  
42.5  
(0.11)  
(0.14)  
(0.03)  
0.05  
(0.09)  
(0.0)  
0.06  
0.10  
(0.0)  
0.63  
0.6  
0.00  
27 Ogun  
0.00  
44.07  
31.59  
29.9  
0.25  
1.38  
1.7  
44.32  
32.97  
31.53  
52.97  
24.0  
(3.41)  
(3.85)  
11.0  
7.67  
9.2  
(3.66)  
(5.23)  
9.4  
-
-
28 Ondo  
-
0.16  
-
0.16  
-
29 Osun  
0.03  
0.04  
0.22  
0.32  
-
0.0  
0.22  
0.3  
-
(0.24)  
0.28  
30 Oyo  
-
45.93  
20.6  
7.04  
3.4  
0.63  
5.7  
5.15  
0.64  
0.03  
0.01  
1.61  
0.28  
0.00  
-
5.15  
0.64  
0.03  
0.01  
1.61  
0.28  
0.00  
-
31 Plateau  
32 Rivers  
0.07  
0.25  
0.08  
49.44  
30.34  
28.1  
3.03  
8.16  
5.5  
52.48  
38.50  
33.6  
(8.01)  
5.92  
(0.9)  
8.89  
0.08  
3.2  
(11.04)  
(2.24)  
(6.5)  
0.11  
0.14  
(0.03)  
(0.0)  
(0.05)  
(0.26)  
0.0  
33 Sokoto  
34 Taraba  
35 Yobe  
-
-
-
(0.07)  
(0.05)  
(0.08)  
(0.27)  
(0.0)  
-
-
-
-
19.87  
27.14  
22.3  
5.46  
25.34  
57.68  
22.7  
3.43  
0.00  
0.00  
0.0  
2.0  
0.00  
0.00  
0.0  
2.0  
36 Zamfara  
37 FCT  
1.62  
-
30.54  
0.4  
(30.46)  
2.8  
0.0  
TOTAL  
4.2  
1,194.5  
144.1  
1,338.6  
143.5  
(0.6)  
1.9  
-
(3.3)  
0.6  
19.1  
-
19.1  
1/ Provisional  
2/ Includes Receipt from the Stabilisation Fund  
3/ Positive (+) sign connotes decrease while (-) sign connotes increase in funds  
Sources: Federal Ministry of Finance and Staff Estimates  
73  
Table 32  
Local Governments' Expenditure on Selected Primary Welfare Sectors  
(Naira Billion)  
2015  
2016 1/  
Capital  
9.69  
2017 2/  
Capital  
9.21  
Recurrent  
445.38  
21.58  
5.42  
Capital  
Total  
452.66  
41.33  
8.07  
Recurrent  
371.29  
13.17  
4.60  
Total  
380.98  
21.89  
7.52  
Recurrent  
397.28  
13.83  
5.98  
Total  
406.48  
21.24  
9.16  
Education  
Health  
7.27  
19.75  
2.65  
-
8.71  
7.41  
Agriculture  
Water Supply  
Housing  
2.92  
3.18  
9.03  
9.03  
2.18  
0.72  
2.90  
2.29  
0.57  
2.85  
3.41  
-
3.41  
5.30  
6.00  
11.29  
424.58  
3.97  
3.00  
6.97  
TOTAL  
484.83  
29.67  
514.50  
396.54  
28.04  
423.35  
23.36  
446.71  
1/ Revised  
2/ Provisional  
Sources: CBN Annual Fiscal Survey and Staff Estimates  
74  
Table 33  
Consolidated Debt of the Federal Government  
(Naira Billion)  
Table 32  
2013  
1,387.3  
2014  
1,631.5  
2015 /1  
2,111.5  
2016 1/  
3,478.9  
2017 2/  
5,787.5  
External Debt  
Domestic Debt  
Total  
7,119.0  
7,904.0  
8,837.0  
11,058.2  
12,589.5  
8,506.3  
9,535.5  
10,948.5  
14,537.1  
18,377.0  
Domestic Public Debt (end - Period)  
2013 2014 2015 /1  
Item  
2016 1/  
2017 2/  
COMPOSITION OF DEBT.  
Instruments  
Treasury Bills  
2,581.6  
2,815.5  
2,772.9  
256.0  
-
3,277.3  
216.0  
3,579.8  
176.0  
Treasury Bonds  
315.4  
-
296.2  
-
Development Stocks/ Green Bond 3/  
FGN Bonds  
10.7  
4,222.0  
4,792.3  
5,808.1  
7,564.9  
8,715.8  
7.2  
Special FGN Savings Bond  
Promisory Notes/ FGN Sukuk 2/  
-
-
-
100.0  
7,119.0  
7,904.0  
8,837.0  
11,058.2  
12,589.5  
HOLDERS  
Banking System  
Central Bank  
3,762.7  
468.9  
4,162.9  
180.2  
4,161.3  
877.30  
5,424.2  
1,688.2  
3,736.0  
140.4  
Deposit Money Banks (DMBs)  
Sinking Fund  
3,293.8  
158.6  
3,982.7  
176.8  
3,284.01  
162.2  
118.4  
Non-Bank Public  
3,197.7  
7,119.0  
3,564.3  
7,904.0  
4,513.49  
8,837.0  
5,493.5  
11,058.2  
12,589.5  
TENOR**  
Below 1 year  
Over 1 - 3 years  
Over 3 years  
3,100.3  
803.0  
3,375.8  
1,222.8  
3,305.5  
3,379.3  
980.0  
3,902.4  
910.1  
4,878.0  
1,460.0  
6,251.5  
3,215.6  
4,477.7  
6,245.7  
Total Debt Outstanding  
7,119.0  
7,904.0  
8,837.0  
11,058.2  
12,589.5  
** Figures for 2012 have been revised  
1/ Provisional  
2/ Introduced 30th September, 2009  
75  
Sources: Debt Management Office (DMO) and Staff Estimates  
76  
Table 34  
External Public Debt Outstanding  
External Debt Stock  
1/ Provisional  
2/ Includes ABEDA, IDB and EDF  
3/ Exim Bank of Korea and Nig. ICT Infrast. Backbone Project.  
4/ Includes Papalanto & Omotosho, ZTE, Arcatel and SBI Holdings  
5/ Includes Bank of England and CITIbank Lazards agency fees and Oil warrants  
Source: DMO  
77  
Table 35  
Gross Domestic Product at 2010 Constant Basic Prices  
(Naira Billion, unless otherwise stated)  
Percentage Share in Total Real GDP (%)  
2014  
Activity Sector  
2013  
2014  
2015  
2016 /1  
2017 /2  
2013  
2015  
2016 /1  
2017 /2  
1. Agriculture  
(a) Crop Production  
(b) Livestock  
(c) Forestry  
14,750.52  
13,247.80  
1,030.94  
154.31  
15,380.39  
13,793.45  
1,086.85  
161.34  
15,952.22  
14,274.94  
1,151.32  
167.26  
16,607.34  
14,894.45  
1,185.12  
171.64  
17,179.50  
15,437.05  
1,204.21  
177.33  
23.33  
20.96  
1.63  
0.24  
0.50  
22.90  
20.54  
1.62  
0.24  
0.50  
23.11  
20.68  
1.67  
0.24  
0.52  
24.45  
21.93  
1.74  
0.25  
0.52  
25.08  
22.54  
1.76  
0.26  
0.53  
(d) Fishing  
317.47  
338.75  
358.70  
356.13  
360.91  
2. Industry  
13,014.51  
7,105.28  
82.87  
13,791.25  
7,011.81  
95.21  
13,319.13  
6,629.96  
102.54  
12,062.05  
5,672.21  
87.61  
12,320.61  
5,943.99  
87.73  
20.59  
11.24  
0.13  
20.54  
10.44  
0.14  
19.30  
9.61  
0.15  
9.54  
17.76  
8.35  
0.13  
9.28  
17.99  
8.68  
0.13  
9.18  
(a) Crude Petroleum & Natural Gas  
(b) Solid Minerals  
(c) Manufacturing  
5,826.36  
6,684.22  
6,586.62  
6,302.23  
6,288.90  
9.22  
9.95  
3. Construction  
4. Trade  
5. Services  
(a) Transport  
(b) Information and Communication  
(c) Utilities  
(d) Accommodation and Food Services  
(e) Finance & Insurance  
(f) Real Estate  
(g) Professional, Scientific & Technical Services  
(h) Adnimistrative and Support Services Bussiness Services  
(i) Public Administration  
(j) Education  
(k) Human Health & Social Services  
(l) Arts, Entertainment & Recreation  
(m) Other Services  
2,272.38  
10,507.90  
22,673.41  
738.08  
6,783.07  
395.58  
540.63  
1,833.65  
4,904.64  
2,265.11  
13.72  
1,828.84  
1,278.41  
427.72  
2,568.46  
11,125.80  
24,286.89  
770.69  
7,257.06  
382.44  
639.71  
1,982.67  
5,155.73  
2,390.44  
13.98  
1,874.94  
1,391.95  
472.63  
2,680.22  
11,697.59  
25,374.78  
805.46  
7,708.11  
367.31  
654.22  
2,123.90  
5,264.70  
2,516.07  
14.47  
1,644.78  
1,498.71  
484.34  
2,520.85  
11,669.06  
25,071.94  
808.60  
7,858.70  
335.25  
619.42  
2,027.51  
4,903.60  
2,536.29  
14.37  
1,569.52  
1,518.93  
475.69  
2,545.99  
11,546.45  
24,904.37  
839.85  
7,776.90  
377.61  
609.47  
2,053.00  
4,694.39  
2,529.68  
14.47  
1,563.62  
1,507.98  
474.24  
3.59  
16.62  
35.87  
1.17  
10.73  
0.63  
0.86  
2.90  
7.76  
3.58  
0.02  
2.89  
2.02  
0.68  
0.18  
2.45  
3.82  
16.57  
36.17  
1.15  
10.81  
0.57  
0.95  
2.95  
7.68  
3.56  
0.02  
2.79  
2.07  
0.70  
0.19  
2.72  
3.88  
16.95  
36.76  
1.17  
11.17  
0.53  
0.95  
3.08  
7.63  
3.65  
0.02  
2.38  
2.17  
0.70  
0.20  
3.12  
3.71  
17.18  
36.91  
1.19  
11.57  
0.49  
0.91  
2.98  
7.22  
3.73  
0.02  
2.31  
2.24  
0.70  
0.22  
3.32  
3.72  
16.86  
36.36  
1.23  
11.35  
0.55  
0.89  
3.00  
6.85  
3.69  
0.02  
2.28  
2.20  
0.69  
0.22  
3.37  
112.44  
1,551.53  
129.18  
1,825.45  
141.33  
2,151.38  
146.58  
2,257.47  
152.63  
2,310.55  
TOTAL GDP AT 2010 CONSTANT BASIC PRICES  
NON-OIL GDP AT 2010 CONSTANT BASIC PRICES  
NET INDIRECT TAXES ON PRODUCTS  
63,218.72  
56,113.44  
724.12  
67,152.79  
60,140.97  
824.67  
69,023.93  
62,393.97  
756.76  
67,931.24  
62,259.03  
721.19  
68,496.92  
62,552.93  
714.72  
100.00  
88.76  
100.00  
89.56  
100.00  
90.39  
100.00  
91.65  
100.00  
91.32  
TOTAL GDP AT 2010 CONSTANT MARKET PRICES  
63,942.85  
67,977.46  
69,780.69  
68,652.43  
69,211.63  
TOTAL GDP GROWTH RATE (%)  
OIL GDP GROWTH RATE (%)  
NON-OIL GDP GROWTH RATE (%)  
Growths in Total GDP  
Agriculture (%)  
5.49  
(13.07)  
8.42  
6.22  
(1.32)  
7.18  
2.79  
(5.45)  
3.75  
(1.58)  
(14.45)  
(0.22)  
0.83  
4.79  
0.47  
2.94  
(0.10)  
9.38  
4.27  
5.97  
7.12  
3.72  
(3.42)  
4.48  
4.11  
(9.44)  
(1.19)  
(4.54)  
(4.32)  
(14.56)  
1.95  
3.45  
2.14  
(0.67)  
1.26  
(0.21)  
0.14  
(1.04)  
Industry (%)  
Services (%)  
Finance & Insurance (%)  
Manufacturing (%)  
Solid Minerals (%)  
8.63  
8.13  
7.12  
21.80  
16.50  
8.21  
14.72  
14.90  
6.99  
(1.46)  
7.70  
6.22  
Information and Communication (%)  
1/ Revised  
2/ Provisional  
78  
Source: National Bureau of Statistics (NBS)  
79  
Table 36  
Gross Domestic Product at Current Basic Prices  
(Naira Billion, unless otherwise stated)  
Percentage Share in Total Real GDP (%)  
2014  
Activity Sector  
2013  
2014  
2015  
2016 /1  
2017 /2  
2013  
2015  
2016 /1  
2017 /2  
1. Agriculture  
(a) Crop Production  
(b) Livestock  
(c) Forestry  
16,816.55  
14,862.32  
1,399.48  
187.95  
18,018.61  
15,812.57  
1,573.05  
207.74  
19,636.97  
17,189.97  
1,748.03  
222.83  
21,523.51  
18,883.08  
1,875.78  
236.25  
23,952.55  
21,096.11  
1,974.45  
257.21  
21.00  
18.56  
1.75  
0.23  
0.46  
20.24  
17.76  
1.77  
0.23  
0.48  
20.86  
18.26  
1.86  
0.24  
0.51  
21.21  
18.61  
1.85  
0.23  
0.52  
21.06  
18.55  
1.74  
0.23  
0.55  
(d) Fishing  
366.79  
425.25  
476.14  
528.39  
624.79  
2. Industry  
17,614.29  
10,296.33  
84.64  
18,402.19  
9,616.49  
100.27  
15,073.78  
5,990.42  
109.59  
14,372.78  
5,367.32  
102.22  
20,533.87  
10,363.36  
126.03  
21.99  
12.86  
0.11  
20.67  
10.80  
0.11  
16.01  
6.36  
0.12  
9.53  
14.16  
5.29  
0.10  
8.77  
18.06  
9.11  
0.11  
8.83  
(a) Crude Petroleum & Natural Gas  
(b) Solid Minerals  
(c) Manufacturing  
7,233.32  
8,685.43  
8,973.77  
8,903.24  
10,044.48  
9.03  
9.75  
3. Construction  
4. Trade  
5. Services  
(a) Transport  
(b) Information and Communication  
(c) Utilities  
(d) Accommodation and Food Services  
(e) Finance & Insurance  
(f) Real Estate  
(g) Professional, Scientific & Technical Services  
(h) Adnimistrative and Support Services Bussiness Services  
(i) Public Administration  
(j) Education  
(k) Human Health & Social Services  
(l) Arts, Entertainment & Recreation  
(m) Other Services  
2,676.28  
13,702.84  
29,282.60  
1,051.22  
8,359.41  
563.27  
3,188.82  
15,704.13  
33,729.86  
1,197.44  
9,588.58  
621.99  
3,472.26  
18,028.90  
37,933.06  
1,361.07  
10,781.08  
642.54  
3,606.56  
20,675.86  
41,310.78  
1,573.52  
11,479.50  
661.82  
4,281.78  
21,573.73  
43,377.12  
1,787.49  
11,717.56  
831.67  
3.34  
17.11  
36.56  
1.31  
10.44  
0.70  
0.81  
2.99  
8.34  
3.69  
0.02  
2.98  
1.94  
0.65  
0.18  
2.53  
3.58  
17.64  
37.88  
1.34  
10.77  
0.70  
0.92  
3.13  
8.40  
3.82  
0.02  
2.97  
2.03  
0.69  
0.20  
2.89  
3.69  
19.15  
40.29  
1.45  
11.45  
0.68  
0.95  
3.46  
8.70  
4.17  
0.02  
2.71  
2.25  
0.73  
0.22  
3.50  
3.55  
20.37  
40.70  
1.55  
11.31  
0.65  
0.91  
3.54  
8.22  
4.44  
0.03  
2.74  
2.41  
0.73  
0.24  
3.93  
3.77  
18.97  
38.14  
1.57  
10.30  
0.73  
0.87  
3.37  
7.56  
4.16  
0.02  
2.57  
2.28  
0.69  
0.23  
3.80  
648.39  
819.78  
893.67  
925.06  
984.20  
2,391.17  
6,677.10  
2,953.82  
17.89  
2,384.90  
1,549.93  
518.74  
2,791.39  
7,475.54  
3,401.55  
19.72  
2,644.23  
1,804.40  
615.03  
3,260.50  
8,187.55  
3,927.30  
22.25  
2,552.45  
2,116.35  
682.70  
3,593.33  
8,340.43  
4,507.76  
25.52  
2,783.83  
2,445.95  
745.58  
3,835.78  
8,591.54  
4,726.80  
27.03  
2,921.59  
2,590.86  
784.80  
143.49  
2,023.27  
176.99  
2,573.21  
210.42  
3,295.20  
239.38  
3,989.09  
261.09  
4,316.71  
TOTAL GDP AT CURRENT BASIC PRICES  
NON-OIL GDP AT CURRENT BASIC PRICES  
NET INDIRECT TAXES ON PRODUCTS  
TOTAL GDP AT CURRENT MARKET PRICES  
80,092.56  
69,796.24  
917.40  
89,043.62  
79,427.13  
1,093.37  
94,144.96  
88,154.54  
1,032.78  
101,489.49  
96,122.17  
1,085.93  
113,719.05  
103,355.69  
1,187.62  
100.00  
87.14  
100.00  
89.20  
100.00  
93.64  
100.00  
94.71  
100.00  
90.89  
81,009.96  
90,136.98  
95,177.74  
102,575.42  
114,906.66  
TOTAL GDP GROWTH RATE (%)  
OIL GDP GROWTH RATE (%)  
NON-OIL GDP GROWTH RATE (%)  
Growths in Total GDP  
Agriculture (%)  
11.68  
(9.00)  
15.56  
11.18  
(6.60)  
13.80  
5.73  
(37.71)  
10.99  
7.80  
(10.40)  
9.04  
12.05  
93.08  
7.53  
6.33  
3.76  
7.15  
4.47  
8.98  
(18.09)  
12.46  
16.81  
3.32  
9.61  
(4.65)  
8.90  
10.21  
(0.79)  
(6.72)  
6.48  
11.29  
42.87  
5.00  
Industry (%)  
Services (%)  
Finance & Insurance (%)  
Manufacturing (%)  
Solid Minerals (%)  
17.65  
17.86  
29.42  
18.40  
15.04  
15.19  
16.74  
20.08  
18.46  
14.70  
6.75  
12.82  
23.29  
2.07  
9.30  
12.44  
Information and Communication (%)  
1/ Revised  
2/ Provisional  
Source: NBS  
80  
Table 37  
Gross Domestic Product at 2010 Purchasers' Price  
(Expenditure Approach)  
(Naira Billion)  
COMPONENT  
2013  
2014  
2015 /1  
2016 /1  
2017 /2  
Domestic demand  
56,813.59  
43,048.29  
4,444.95  
9,320.35  
58,017.38  
43,312.48  
4,133.16  
58,015.58  
43,941.93  
3,641.42  
54,442.31  
41,437.78  
3,090.98  
9,913.54  
54,885.76  
41,775.31  
3,116.16  
9,994.29  
Private Consumption Expenditure  
Government Final Expenditure  
Gross Fixed Capital Formation  
10,571.74  
10,432.23  
Increase in Stocks  
521.87  
548.62  
517.50  
511.28  
514.82  
Net Export of Goods and Non-Factor Service  
Export of Goods and Non-Factor Services  
Less Import of Goods and Non-Factor Services  
6,607.39  
13,301.44  
6,694.05  
9,411.46  
16,505.09  
7,093.63  
11,247.61  
16,519.69  
5,272.08  
13,698.84  
18,424.67  
4,725.83  
13,811.05  
18,575.38  
4,764.32  
Gross Domestic Product (At 2010 Purchasers' Prices)  
63,942.85  
67,977.46  
69,780.69  
68,652.43  
69,211.63  
1/ Revised  
2/ CBN Staff Estimate  
Source: NBS and CBN  
Table 38  
Gross Domestic Product at Current Purchasers' Price  
(Expenditure Approach)  
(Naira Billion)  
COMPONENT  
2013  
2014  
2015 /1  
2016 /1  
2017 /2  
Domestic demand  
76,322.62  
59,048.10  
5,796.44  
84,094.00  
64,671.26  
5,826.89  
94,546.81  
74,785.69  
5,648.95  
104,262.29  
83,662.54  
5,522.95  
113,539.46  
93,989.99  
5,698.81  
Private Consumption Expenditure  
Government Final Consumption Expenditure  
Gross Fixed Capital Formation  
11,478.08  
13,595.84  
14,112.17  
15,076.80  
13,850.66  
Increase in Stocks  
595.57  
648.24  
630.96  
658.31  
633.27  
Net Export of Goods and Non-Factor Service  
Export of Goods and Non-Factor Services  
Less Import of Goods and Non-Factor Services  
4,091.78  
14,622.22  
10,530.45  
5,394.75  
16,616.87  
11,222.12  
-0.03  
10,151.95  
10,151.98  
-2,345.18  
9,455.51  
11,800.70  
733.93  
12,711.64  
11,977.71  
Gross Domestic Product (At Current Purchasers' Prices)  
81,009.96  
90,136.98  
95,177.74  
102,575.42  
114,906.66  
1/ Revised  
2/ CBN Staff Estimate  
81  
Source: NBS and CBN  
Table 39  
National Income at 2010 Constant Market Prices  
(Naira Billion)  
COMPONENT  
2012  
2013  
2014  
2015 /1  
2016 /1  
2017 /2  
1. Gross Domestic Product  
(At 2010 Constant Market Prices)  
60,670.05  
63,942.85  
67,977.46  
69,780.69  
68,705.33  
Net Factor Income From Abroad  
LESS  
-2,217.18  
-2,538.96  
-1,917.96  
-989.09  
-537.47  
Other Current Transfers  
2. Gross National Income  
3,097.77  
59,789.46  
3,176.34  
63,305.47  
3,576.89  
66,318.53  
5,858.78  
64,911.00  
6,036.19  
63,206.61  
LESS  
Consumption of Fixed Capital (Depreciation)  
3. Net National Income (Market Prices)  
3,414.16  
3,255.50  
3,550.16  
3,649.09  
3,532.37  
56,375.30  
60,049.97  
62,768.37  
60,610.20  
59,674.24  
1/ Revised  
2/ CBN Staff Estimate  
Source: NBS and CBN  
Table 40  
Index of Agricultural Production by Type of Activity  
(2010=100)  
Sub-Sector  
2013  
(a)  
2014  
(b)  
2015  
(c)  
2016  
2017/2  
(e)  
(d)  
Crops  
116.5  
117.8  
116.7  
112.5  
124.3  
114.7  
116.1  
121.3  
122.7  
122.2  
118.6  
132.7  
120.0  
121.0  
125.3  
126.6  
125.7  
125.1  
140.1  
122.7  
125.2  
131.4  
132.2  
133.7  
126.1  
139.6  
125.2  
130.9  
136.2  
137.9  
136.6  
128.1  
141.5  
129.4  
135.4  
(a) Staples  
(b) Other Crops  
Livestock  
Fishery  
Forestry  
Aggregate  
1/ Provisional  
82  
Source: Derived from data compiled by NBS  
83  
Table 41  
Estimated Output of Major Agricultural Commodities  
('000 Tonnes, Except Otherwise Stated)  
Area planted (Million Ha)  
Production ('000Tonnes)  
Item  
2012  
2013  
2014  
2015  
2016  
2017  
2012  
2013  
2014  
2015  
2016  
2017  
Crop Production  
Staples  
164,433.5  
154,203.5  
172,422.4  
160,280.1  
176,215.7  
164,806.2  
180,009.0  
169,332.3  
183,802.3  
173,858.4  
187,680.5  
177,526.8  
183,990.29  
170,000.23  
188,680.24  
173,880.71  
196,445.00  
181,086.00  
202,947.33  
186,880.75  
212,851.16  
195,032.07  
220,598.94  
203,413.48  
Maize  
8,102.2  
8,392.1  
8,443.3  
8,392.1  
8,443.3  
8,621.5  
16,199.5  
16,798.5  
16,998.12  
17,240.80  
18,097.5  
18,570.26  
Millet  
5,996.8  
9,042.9  
47,701.2  
19.2  
6,167.4  
9,332.4  
50,056.8  
20.0  
6,286.3  
9,402.4  
53,456.5  
23.1  
6,167.4  
9,472.4  
56,856.2  
26.2  
6,286.3  
9,542.4  
60,255.9  
29.3  
6,418.9  
10,899.2  
15,398.6  
5,971.9  
87.0  
11,177.2  
15,904.6  
6,209.9  
89.0  
11,297.71  
16,103.9  
6,464.7  
91.3  
11,382.00  
16,756.4  
6,724.6  
93.5  
11,455.2  
17,109.0  
6,971.0  
98.6  
11,761.40  
Guineacorn/Sorghum  
Rice  
Wheat  
9,743.8  
61,527.3  
29.9  
17,600.83  
8,277.73  
102.00  
Acha  
253.9  
266.9  
298.4  
329.9  
361.4  
369.0  
145.3  
149.3  
151.1  
155.4  
168.3  
170.12  
Beans/Cowpeas  
Cassava Old  
Potatoes  
Yam  
Cocoyam  
Plantain  
12,313.3  
5,654.5  
298.8  
4,115.2  
58,798.0  
142.9  
13,127.5  
5,829.0  
310.3  
4,365.4  
59,077.3  
148.0  
13,325.0  
7,041.7  
322.6  
4,394.3  
59,737.6  
160.5  
13,522.5  
8,254.4  
334.8  
4,423.2  
60,397.9  
172.9  
13,720.0  
9,467.1  
347.1  
4,452.0  
61,058.3  
185.4  
14,009.5  
9,666.9  
354.4  
4,546.0  
62,346.6  
189.3  
6,960.6  
58,980.4  
2,511.1  
41,599.4  
3,754.6  
1,892.2  
7,817.4  
7,180.6  
61,249.4  
2,611.1  
42,998.3  
3,864.6  
1,932.2  
8,097.4  
7,300.1  
63,961.0  
2,693.0  
43,038.0  
3,868.5  
1,982.2  
8,102.4  
7,617.4  
66,457.6  
2,814.1  
44,690.5  
4,007.8  
2,069.3  
8,360.8  
7,787.2  
68,947.9  
2,905.0  
45,409.8  
4,064.8  
2,514.3  
9,503.3  
8,112.01  
71,200.45  
3,023.87  
46,912.65  
4,522.18  
2,723.67  
10,436.31  
-
Vegetables  
1,764.6  
1,864.6  
1,914.6  
1,964.6  
2,014.7  
2,057.2  
-
Other crops  
Melon  
10,230.0  
467.0  
11,142.3  
483.7  
11,409.5  
535.3  
11,676.7  
483.7  
11,943.9  
535.3  
12,195.9  
546.6  
14,060.26  
14,665.39  
15,359.00  
864.86  
15,819.77  
894.51  
16,819.09  
966.17  
17,185.45  
1,002.30  
810.2  
835.2  
Groundnnut/Peanut  
Benniseed/Sesame  
Soya Bean  
Cotton  
4,028.6  
96.2  
4,230.1  
98.2  
4,399.1  
99.2  
4,230.1  
98.2  
4,399.1  
99.2  
4,491.9  
101.3  
3,363.5  
1,127.4  
146.6  
1,432.9  
6.5  
5,263.8  
188.9  
2,442.0  
829.2  
356.1  
342.1  
369.4  
3,486.1  
126.2  
132.2  
32.6  
5,463.8  
192.9  
2,552.0  
850.3  
364.1  
358.1  
378.4  
3,586.1  
130.2  
137.2  
33.6  
5,592.52  
199.58  
2,636.34  
879.66  
379.14  
370.50  
390.34  
3,719.60  
137.48  
141.02  
34.80  
5,721.28  
206.23  
2,720.65  
908.98  
394.15  
382.85  
402.26  
3,853.08  
144.79  
144.81  
36.02  
6,054.56  
382.88  
2,807.96  
938.31  
409.16  
395.20  
488.18  
3,988.57  
168.11  
158.60  
44.75  
6,217.30  
399.20  
2,829.70  
969.30  
426.60  
412.50  
522.20  
4,004.70  
171.50  
163.80  
48.20  
2,970.7  
982.4  
124.4  
1,221.5  
5.9  
3,091.4  
999.8  
136.8  
1,327.8  
6.1  
3,294.0  
1,104.1  
143.6  
1,403.3  
6.4  
3,091.4  
999.8  
136.8  
1,327.8  
6.1  
3,294.0  
1,104.1  
143.6  
1,403.3  
6.4  
Oil Palm  
Cocoa  
Rubber  
Sugarcane  
Kolanut  
176.9  
131.5  
10.3  
189.6  
138.4  
11.3  
252.2  
144.9  
11.8  
189.6  
138.4  
11.3  
252.2  
144.9  
11.8  
257.5  
148.0  
12.0  
Ginger  
Cashew  
6.9  
7.1  
7.3  
7.1  
7.3  
7.5  
Pinneaple  
Palm Produce  
1.9  
2.0  
2.0  
2.0  
2.0  
2.0  
5.5  
5.7  
6.04  
6.35  
7.85  
8.45  
5.8  
6.3  
6.3  
6.3  
6.3  
6.4  
6.6  
6.9  
7.11  
7.35  
8.80  
9.70  
Livestock Products  
Poultry  
Goat Meat  
Mutton  
Beef  
Pork  
Milk  
Eggs  
4,933.40  
185.2  
810.3  
750.3  
396.8  
94.1  
5,222.90  
194.2  
830.3  
781.3  
411.8  
99.1  
5,506.17  
208.80  
872.32  
831.68  
435.21  
105.50  
2,092.71  
959.95  
5,809.01  
223.42  
914.38  
882.05  
458.58  
111.92  
2,243.94  
1,023.65  
5,853.16  
224.1  
915.2  
884.3  
459.8  
113.0  
2,232.5  
1,024.2  
5,947.40  
226.00  
920.89  
892.90  
463.80  
116.70  
2,242.50  
1,084.61  
1,851.5  
849.3  
1,941.5  
896.2  
Fishery  
851.94  
331.0  
319.6  
130.6  
68.8  
928.03  
356.0  
340.6  
140.6  
70.8  
990.25  
387.31  
371.15  
155.01  
76.78  
1,045.60  
418.66  
401.65  
169.46  
82.78  
1,042.05  
411.01  
390.35  
163.91  
76.79  
1,056.01  
413.11  
396.45  
168.56  
77.89  
(1) Artisanal Coastal and Brackish Water Catches  
(2) Artisanal Inland Rivers and Lakes Catches  
(3) Fish Farming  
(4) Industrial (Trawling) Coastal Fish & Shrimps  
Forestry ('000 cu meteres)  
Roundwood  
Sawnwood  
Wood Based Panels  
Papers & Paperboards ('000MT)  
185,132.19  
178,971.7  
4,191.5  
269.7  
195,590.40  
185,971.7 199,256.38  
4,501.5  
289.7  
51.4  
204,484.41  
209,064.86  
212,541.08  
5,220.51  
335.67  
213,413.41  
208,257.0 214,997.18  
4,709.2  
388.9  
58.3  
220,477.39  
4,861.00  
312.67  
54.36  
4,974.21  
444.40  
61.60  
49.4  
57.35  
1/ Provisional  
Source: NBS  
84  
Table 42  
Indices of Average World Prices (C.I.F.) of Nigeria’s  
Major Agricultural Export Commodities  
(Dollar-based, 2010 = 100)  
COMMODITY  
2012  
2013  
2014  
2015  
2016  
2017/ 2  
Cocoa
1  
Coffee
2  
Copra
3  
Cotton
3  
Palm Oil
3  
76.3  
95.2  
98.3  
86.1  
109.3  
77.9  
71.2  
82.4  
87.2  
88.9  
97.8  
102.3  
113.9  
80.2  
100.1  
81.6  
98.2  
67.9  
65.7  
92.3  
83.6  
131.1  
71.6  
74.4  
64.8  
77.9  
142.0  
80.6  
79.1  
86.0  
Soya Beans
3  
All Commodities  
SOURCE:  
139.2  
81.0  
133.9  
79.5  
118.5  
96.2  
90.0  
95.3  
93.9  
90.0  
98.3  
67.2  
Sources: 1International Cocoa Organisation Website  
2International Coffee Organisation Website  
3Index Mundi  
Table 43  
Indices of Average World Prices (C.I.F.) of Nigeria’s Major Agricultural Export Commodities  
(Naira-based, 2010 = 100)  
COMMODITY  
2012  
2013  
2014  
2015  
2016  
2017/ 2  
Cocoa
1  
Coffee
2  
Copra
3  
Cotton
3  
Palm Oil
3  
80.0  
99.7  
81.5  
74.5  
86.2  
91.3  
93.0  
103.1  
107.8  
120.0  
84.4  
131.8  
105.0  
128.0  
89.3  
154.1  
142.8  
223.4  
122.5  
126.5  
131.8  
158.4  
288.9  
164.0  
161.0  
103.0  
90.2  
114.6  
90.6  
85.0  
Soya Beans
3  
All Commodities  
SOURCE:  
145.8  
84.8  
140.1  
83.2  
124.8  
101.5  
117.1  
125.3  
159.2  
150.5  
200.0  
136.7  
Sources: 1International Cocoa Organisation Website  
2International Coffee Organisation Website  
3Index Mundi  
85  
Table 44  
Average Prices of Selected Cash Crops  
(Naira per Tonne)  
COMMODITY  
Benniseed  
2012  
2013  
2014  
2015  
2016  
2017  
106,527.0  
508,438.6  
198,251.7  
420,083.9  
34,270.9  
28,719.6  
254,873.2  
70,533.1  
214,313.1  
88,748.0  
148,839.3  
55,798.0  
88,274.2  
217,097.1  
294,171.4  
183,623.1  
403,446.3  
153,890.0  
191,912.9  
333,284.3  
69,786.7  
413,177.4  
135,531.4  
140,922.1  
309,491.7  
147,291.4  
357,994.1  
379,933.6  
258,908.6  
413,532.4  
185,788.2  
203,814.3  
386,035.7  
68,686.5  
560,685.4  
151,190.0  
145,149.7  
427,242.9  
164,742.0  
418,891.1  
395,695.8  
304,194.0  
423,618.6  
210,686.4  
215,715.7  
418,787.1  
67,586.3  
608,193.4  
161,848.6  
149,377.4  
501,294.1  
182,192.6  
479,788.1  
411,458.0  
349,479.5  
433,704.7  
235,584.6  
227,617.1  
451,538.5  
68,486.1  
695,701.4  
172,507.2  
153,605.1  
575,345.3  
199,643.2  
390,000.0  
570,240.0  
402,113.5  
442,378.8  
300,127.8  
240,175.1  
380,245.0  
115,261.0  
718,000.0  
130,000.0  
160,007.0  
550,000.00  
178,220.1  
Cocoa  
Coffee (Arabica)  
Tea  
Cotton  
Groundnut (Unshelled)  
Ginger (Peeled)  
Palm Kernel  
Palm Oil (Special)  
Soya Beans  
Rubber (100% Dry Lump top quality)  
Cashew Nut  
Wheat  
1/ Provisional  
Source: CBN Nationwide Survey  
86  
Table 45  
Index of Industrial Production 1/  
(2010 = 100)  
Year/Quarter  
2011  
Manufacturing  
Mining  
Electricity  
Total (All Sectors)  
117.74  
109.47  
117.55  
122.43  
121.49  
103.60  
124.12  
110.63  
96.76  
139.76  
140.96  
145.93  
135.28  
136.86  
108.27  
120.08  
113.18  
104.85  
95.00  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
82.90  
2012  
133.7  
134.7  
132.8  
139.6  
127.9  
98.7  
114.0  
99.6  
106.4  
74.7  
161.2  
174.6  
188.2  
139.4  
142.4  
109.9  
120.9  
110.6  
116.6  
91.3  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
2013  
162.85  
163.17  
162.81  
166.11  
159.30  
85.90  
101.21  
83.51  
90.96  
67.92  
183.99  
173.71  
210.19  
173.09  
178.96  
109.89  
120.43  
108.61  
114.19  
96.33  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
2014  
186.85  
188.32  
185.63  
192.68  
180.77  
84.85  
94.75  
87.95  
87.84  
68.85  
166.72  
180.22  
166.95  
135.74  
183.98  
115.94  
123.42  
117.74  
119.27  
103.33  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
2015 /2  
187.26  
187.01  
178.55  
191.78  
191.72  
84.88  
87.26  
82.13  
93.79  
76.33  
166.15  
129.89  
147.57  
153.83  
233.32  
116.07  
117.11  
111.35  
123.39  
112.45  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
2016 /2  
180.00  
173.90  
173.60  
184.50  
188.00  
74.48  
84.70  
69.50  
75.10  
68.60  
130.03  
72.10  
119.10  
129.40  
199.50  
106.18  
110.60  
100.70  
107.90  
105.50  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
2017 /2  
179.60  
176.3  
174.7  
179.2  
188.2  
77.24  
69.5  
76.9  
92.9  
69.6  
151.42  
68.5  
161.4  
144.3  
231.5  
108.33  
100.8  
106.8  
119.0  
106.8  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
1/ Revised  
2/ Provisional  
Sources: CBN Surveys, NNPC, Federal Ministry of Power and Steel, Ministry of Solid Minerals  
Development and rebased gross domestic product at 2010 constant basic prices obtained from the National  
Bureau of Statistics (NBS).  
87  
Table 46  
Index of Manufacturing Production 1/  
(Base Quarterly Average, 2010 = 100)  
Pulp, Chemical  
Food,  
Beverage Apparel  
Textile,  
and  
Non-  
Basic Motor  
metal , Iron vehicles &  
Total  
Manufac  
turing  
Oil  
Refining  
Wood and Paper and  
Wood  
Products  
and  
Plastic and Electrical  
Rubber and  
products Electronics  
Other  
Manufactu  
ring  
Year/Quarter  
Metallic  
Products  
Cement  
Paper  
Products  
Pharmac  
eutical  
Products  
and  
Tobacco Footwear  
and Steel  
assembly  
2011  
106.21  
106.96  
106.84  
106.34  
104.71  
107.67  
97.87  
106.55  
111.94  
114.33  
107.28  
103.32  
107.32  
108.81  
109.65  
161.28  
125.03  
167.82  
184.14  
168.11  
105.63  
99.13  
103.01  
113.85  
106.53  
117.01  
109.14  
114.17  
120.79  
123.96  
154.61  
111.13  
162.92  
164.58  
179.82  
166.75  
153.00  
158.85  
191.15  
164.02  
224.72  
213.18  
222.01  
230.49  
233.22  
182.11  
160.80  
173.66  
192.11  
201.87  
231.46  
212.54  
221.62  
234.67  
257.01  
120.16  
118.29  
121.90  
116.25  
124.22  
139.34  
130.30  
134.08  
153.43  
139.56  
117.78  
109.52  
117.55  
122.54  
121.50  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
2012  
87.60  
87.60  
88.70  
87.46  
86.66  
122.27  
120.23  
123.66  
123.06  
122.15  
114.37  
111.52  
112.54  
124.23  
109.19  
233.51  
258.12  
245.56  
230.81  
199.54  
127.60  
129.57  
125.14  
133.10  
122.61  
124.67  
134.21  
123.25  
120.06  
121.16  
245.67  
160.43  
251.44  
238.80  
331.99  
188.66  
197.20  
179.87  
205.94  
171.65  
314.32  
310.33  
317.34  
317.01  
312.58  
180.55  
178.24  
183.99  
181.10  
178.85  
279.95  
282.97  
280.30  
280.20  
276.32  
161.69  
179.90  
163.08  
148.59  
155.18  
184.21  
227.32  
169.31  
165.31  
174.89  
133.92  
135.58  
133.46  
139.77  
126.90  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
135.10  
137.32  
136.02  
133.82  
133.27  
170.23  
164.92  
169.26  
173.64  
173.12  
127.85  
125.30  
127.26  
132.19  
126.64  
314.03  
347.80  
329.83  
310.17  
268.30  
138.90  
136.86  
136.68  
144.38  
137.66  
180.74  
183.68  
178.28  
179.61  
181.40  
367.94  
308.55  
384.85  
388.74  
389.63  
249.26  
244.91  
240.05  
267.43  
244.64  
409.05  
401.87  
410.39  
413.39  
410.55  
189.83  
182.41  
188.89  
192.70  
195.30  
317.21  
312.70  
311.65  
317.89  
326.61  
203.01  
209.61  
204.56  
195.25  
202.62  
245.65  
260.07  
236.78  
245.12  
240.65  
163.11  
164.47  
163.84  
166.26  
157.89  
2013  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
122.12  
116.40  
126.84  
145.48  
99.75  
220.79  
215.41  
216.84  
222.40  
228.52  
135.04  
132.40  
133.83  
140.77  
133.17  
412.14  
467.76  
426.15  
403.90  
350.78  
156.52  
152.27  
155.16  
162.66  
156.00  
206.23  
198.60  
203.59  
208.96  
213.78  
507.56  
436.94  
533.02  
542.36  
517.91  
334.84  
332.33  
323.34  
366.74  
316.95  
532.66  
523.90  
528.31  
541.91  
536.53  
202.10  
193.87  
196.82  
209.79  
207.93  
366.60  
352.87  
358.21  
369.66  
385.67  
255.13  
273.79  
252.80  
242.13  
251.81  
316.82  
345.79  
299.25  
317.61  
304.64  
187.21  
190.31  
187.09  
192.92  
178.51  
2014  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
78.67  
53.72  
44.97  
128.79  
87.19  
269.60  
265.40  
266.17  
269.60  
277.24  
127.80  
131.31  
125.94  
128.28  
125.68  
406.58  
443.28  
412.62  
409.88  
360.55  
166.37  
164.57  
163.87  
171.93  
165.12  
220.30  
212.13  
217.38  
223.21  
228.47  
599.86  
548.66  
619.56  
624.42  
606.79  
382.41  
391.72  
365.61  
415.24  
357.08  
628.02  
643.00  
618.08  
630.04  
620.94  
204.77  
198.38  
196.08  
210.94  
213.66  
378.04  
368.63  
367.76  
380.25  
395.53  
241.36  
279.72  
251.58  
215.02  
219.14  
304.63  
326.17  
280.10  
310.83  
301.42  
187.30  
187.00  
178.50  
191.80  
191.70  
2015 2/  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
2016 2/  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
80.68  
41.60  
67.10  
127.70  
86.30  
255.18  
253.90  
251.60  
252.70  
262.50  
119.75  
116.70  
119.00  
120.90  
122.40  
401.58  
430.20  
405.60  
406.10  
364.40  
159.63  
164.00  
154.10  
161.10  
159.30  
211.13  
208.80  
204.00  
213.60  
218.10  
607.10  
581.00  
634.10  
614.90  
598.40  
394.70  
413.30  
376.30  
427.80  
361.40  
650.60  
673.90  
637.30  
650.10  
641.10  
188.05  
156.20  
191.50  
202.30  
202.20  
380.73  
364.80  
374.60  
383.90  
399.60  
171.70  
226.00  
177.80  
143.40  
139.60  
262.00  
286.30  
243.30  
264.40  
254.00  
180.00  
173.90  
173.60  
184.50  
188.00  
58.4  
42.8  
74.7  
69.7  
46.4  
249.6  
258.5  
241.1  
241.2  
257.4  
122.6  
121.5  
122.2  
121.6  
125.0  
404.7  
435.2  
406.4  
406.9  
370.4  
160.5  
168.0  
150.9  
163.1  
159.9  
211.4  
211.4  
200.2  
209.8  
224.1  
611.8  
575.7  
627.9  
616.4  
627.2  
402.4  
410.3  
390.6  
435.4  
373.2  
656.9  
661.9  
648.4  
654.4  
663.0  
182.7  
135.3  
188.2  
203.9  
203.5  
381.3  
361.9  
375.2  
382.6  
405.7  
134.5  
142.5  
142.7  
112.9  
139.9  
243.6  
257.6  
216.8  
238.7  
261.2  
179.6  
176.3  
174.7  
179.2  
188.2  
2017 2/  
1st Quarter  
2nd Quarter  
3rd Quarter  
4th Quarter  
1/ New Report Template  
2/ Provisional  
Sources: Data Derived from the NBS and CBN Surveys.  
88  
Table 47  
Production of Principal Solid Minerals  
(Tonnes)  
Percentage  
Change  
Between  
Absolute Change  
Between  
SOLID MINERALS  
2013  
1
2014  
2
2015  
3
2016  
4
2017 /1  
5
4&5  
4&5  
33.0  
40.9  
653.8  
-37.1  
65.7  
-
Baryte  
18,960.16  
7,113.24  
3,322.64  
537.00  
714.00  
177.00  
Clay  
742,029.19  
40,359.39  
1,711,560.44  
321,555.13  
31,722.00  
1,042,079.02  
121,952.93  
16,400.00  
1,808,268.31  
104,634.86  
25,517.50  
1,843,605.45  
-
2,547,916.66  
788,749.27  
16,046.70  
3,054,957.90  
-
739,648.35  
684,114.41  
(9,470.80)  
1,211,352.45  
-
Coal  
Marble  
40,218.00  
Sand  
3,336,140.36  
4,631,893.04  
0.01  
1,955,345.14  
4,863,487.69  
0.04  
2,968,789.84  
5,106,662.07  
21,473.00  
Stone Aggregates  
Gold (G)  
Granite Aggregates  
Lead/Zinc  
Limestone  
Iron Ore  
0.02  
0.01  
(0.01)  
-50.0  
29.9  
88.2  
-40.5  
-99.0  
77.2  
-48.6  
76.0  
-28.6  
26.4  
-12.3  
15,501,861.75  
15,366.94  
15,518,461.07  
34,913.00  
9,443,503.53  
13,563.00  
7,132,851.86  
9,789.84  
9,264,555.30  
18,423.05  
16,896,403.28  
15.87  
2,131,703.44  
8,633.21  
23,482,158.10  
2,086.00  
25,964,212.26  
1,869.28  
18,906,749.19  
5,874.13  
28,400,854.67  
1,548.08  
(11,504,451.39)  
(1,532.21)  
1,539,270.70  
(589,787.98)  
2,202.65  
Laterite  
5,643,569.09  
1,062,957.00  
841.63  
6,659,306.89  
1,088,815.00  
381.92  
3,365,151.48  
904,286.00  
881.30  
1,994,015.55  
1,214,672.93  
2,897.23  
3,533,286.25  
624,884.95  
5,099.88  
Shale  
Tin Ore (Cassiterite)  
Columbite  
Other Minerals  
TOTAL  
328.05  
370,219.02  
54,888,987.72  
413.39  
571.89  
1,858.06  
1,326.21  
1,773,866.13  
38,526,245.45  
(531.85)  
370,997.26  
465,480.43  
58,624,636.91  
576,722.63  
42,497,982.65  
1,402,868.86  
43,943,920.23  
89  
1/ Provisional  
Source: Federal Ministry of Mines and Steel Development  
90  
Table 48  
Energy Consumption  
(Tonnes of Coal Equivalent (TCE))  
(2010 = 100)  
Type  
Weight  
2011  
2012  
2013  
2014 /1  
2015 /2  
Coal  
Percentage Share  
Hydro - Power  
Percentage Share  
Natural Gas  
Percentage Share  
Petroleum Products  
Percentage Share  
0.2  
32,378.5  
0.2  
53,132.6  
0.3  
33,324.8  
0.3  
100,696.5  
84,182.5  
0.9  
1.1  
19.4 3,305,962.9 3,227,657.5 3,038,355.0 2,814,865.7 4,026,013.6  
18.7 19.4 23.8 31.1 45.2  
13.2 2,312,667.3 2,672,531.8 2,571,927.1 662.6 1,327,926.8  
13.1 16.1 20.1 38.4 14.9  
67.2 12,009,240.0 10,659,927.1 7,120,510.0 2,652,329.6 3,466,145.9  
68.0 64.2 55.8 29.3 38.9  
100.0 17,660,248.8 16,613,249.0 12,764,116.8 9,041,554.4 8,904,268.8  
126.8 118.5 87.8 56.2 50.6  
Total  
Index of Energy Consumption(2010 = 100)  
/1 Revised  
/2 Provisional  
Sources: Federal Ministry of Solid Mineral Development; Federal Ministry of Power & Steel, NNPC &  
PHCN  
91  
Table 49  
Consumption of Petroleum Products  
(‘000 Liters)  
Product  
2013 1/  
2014 1/  
2015 1/  
2016 1/  
2017 1/  
-
Liquefied Petroluem Gas or Cooking Gas  
Premium Motor Spirit (PMS- Gasoline)  
Dual Purpose Kerosine (DPK)  
Automative Gas Oil (AGO)  
Low Pour Fuel Oil (LPFO)  
4,828.50  
-
-
32,297.06  
3,005,599.11  
545,165.90  
597,351.74  
312,620.76  
-
17,399,476.63  
15,894,471.33  
17,408,276.04  
919,292.52  
3,902,176.20  
102,374.77  
-
13,313,545.56  
647,388.74  
1,297,599.56  
304,963.46  
-
2,884,122.12  
3,091,064.80  
3,219,163.71  
2,830,756.79  
-
-
-
-
-
-
Bitumen/Asphalt  
Others (Wax, Petroleum Jelly, Grease, Base Oil etc)  
55,966.86  
534,250.20  
311,427.99  
Total  
1/ Revised  
4,521,532.87  
23,502,762.46  
21,816,292.92  
22,898,666.79  
15,874,925.31  
2/ Provisional (Data up to August 2015)  
Source: Nigerian National Petroleum Corporation (NNPC)  
Table 50  
Contribution from Local Refineries (Metric Tonnes)  
Contribution from Local refineries (MT)  
Refined Products  
2013  
2014  
2015  
2016  
2017  
LPG  
PMS  
DPK  
162,043  
1,237,307  
746,956  
1,019,143  
1,345,604  
(5,289.00)  
50,442  
22,379  
6,516  
121,685  
931,095  
398,431  
669,302  
349,847  
7,034  
102,299  
1,150,952  
536,072  
870,868  
819,518  
5,143  
955,766  
500,164  
628,952  
773,556  
1,394  
716,218  
204,355  
242,871  
149,772  
26  
AGO  
FUEL OIL  
ASPHALT  
FUEL & LOSSES  
398,410  
3,280,621  
217,904  
1,537,662  
129,629  
2,607,023  
190,144  
3,674,996  
TOTAL  
1/ Provisional  
4,556,206  
* 2014 and 2015 does not include contributions from KRPC  
Source: PHRC and WRPC  
92  
Table 51  
Gas Production, Utilisation and Disposal (mscf)  
2012  
2013  
2014  
2015  
2016/1  
1
2
3
4
5
Gas Produced  
2,580,165,626.0  
115,677,106.0  
875,458,449.0  
329,863,143.0  
462,875,916.0  
72,904,179.0  
47,186,521.0  
1,991,498,902.0  
77.2  
2,325,137,449.0  
128,523,560.0  
606,542,389.0  
300,877,404.0  
638,506,664.0  
46,898,121.0  
56,076,709.0  
1,916,531,001.0  
82.4  
2,524,268,444.0  
154,370,682.0  
712,296,160.0  
391,369,174.0  
643,806,744.0  
104,577,824.0  
38,795,138.0  
2,234,668,430.0  
88.5  
2,929,852,323.0  
159,191,015.0  
1,017,209,664.0  
421,193,880.0  
727,455,410.0  
77,070,650.0  
41,913,989.0  
2,588,480,059.0  
88.3  
1,147,198,482.0  
69,097,583.0  
309,708,741.0  
157,817,024.0  
317,509,235.0  
24,529,261.0  
29,765,610.0  
989,535,360.0  
86.3  
Gas Used as Fuel  
Gas Sold to Industries  
Gas Sold to LNG  
Gas Reinjected  
Gas Lifted  
Gas Converted to NGLs  
Total Gas Utilised  
Gas Utilised as % of Gas Produced  
Gas Flared  
588,666,724.0  
22.8  
409,311,430.0  
17.6  
289,600,014.0  
11.5  
341,372,264.0  
11.7  
157,663,122.0  
13.7  
Gas Flared as % of Gas Produced  
1/ Provisional Data (Data up to May 2016)  
Source: NNPC, DPR, CBN Estimates  
93  
Table 52  
World Crude Oil Production and Consumption  
(Million Barrels Per Day)  
2013  
1
2014  
2
2015  
3
2016  
4
2017  
5
ABSOLUTE CHANGE BETWEEN  
(1)&(2) (2)&(3) (3)&(4)
 
(4)&(5) (1)&(2)
 
(2)&(3) (3)&(4) (4)&(5)  
PERCENTAGE CHANGE BETWEEN  
Supply  
OPEC  
35.9  
36.0 38.01  
30.12 31.85  
38.78  
32.64  
6.14  
38.70  
0.10  
2.06  
1.73  
0.33  
0.67  
2.82  
0.77  
0.79  
-0.02  
0.15  
0.92  
-0.08  
-0.25  
0.17  
0.77  
0.69  
0.3  
(0.3)  
3.2  
5.7  
5.7  
5.7  
1.2  
3.1  
2.0  
2.5  
(0.2)  
(0.8)  
2.8  
Crudes  
30.20  
5.65  
54.2  
90.1  
32.39 -0.08  
NGLs and condensates  
TOTAL NON -OPEC  
Total World Supply  
Demand  
5.83  
6.16  
6.31  
57.79  
96.49  
0.18  
2.00  
2.01  
(0.3)  
0.3  
56.2 56.87  
57.02  
95.80  
3.7  
1.4  
92.1 94.88  
2.2  
1.0  
0.7  
OECD  
46.0  
44.2  
90.2  
45.7 46.21  
45.4 46.71  
91.2 92.92  
46.90  
48.52  
95.42  
47.35 -0.28  
0.48  
1.28  
1.72  
0.69  
1.81  
2.50  
0.45  
1.12  
1.57  
(0.6)  
2.8  
1.0  
2.8  
1.9  
1.5  
3.9  
2.7  
1.0  
2.3  
1.6  
NON - OECD  
Total World Demand  
Nigeria  
49.64  
1.23  
1.00  
96.99  
1.1  
Output  
1.93  
1.48  
0.45  
1.94  
1.49  
0.45  
2.12  
1.67  
0.45  
1.62  
1.17  
0.45  
1.72  
1.27  
0.45  
0.01  
0.01  
0.00  
0.18  
0.18  
0.00  
-0.50  
-0.50  
0.00  
0.10  
0.10  
0.00  
0.5  
0.7  
-
9.3  
12.1  
-
(23.6)  
(29.9)  
-
5.9  
8.2  
-
Exports  
Domestic Consumption  
Source: OPEC, Reuters  
94  
Table 53  
Analysis of Average Spot Prices of Selected Crudes Traded at the International Oil Market  
(US Dollar per Barrel)  
Crude Type  
2013  
1
2014  
2
2015  
3
2016  
4
2017  
5
Absolute Change Between  
Percentage Change Between  
(1)&(2)  
(2)&(3)  
(3)&(4)  
(4)&(5)  
(1)&(2)  
(2)&(3)  
(3)&(4)  
(4)&(5)  
Bonny Light  
UK Brent  
111.4  
100.7  
53.1  
48.8  
54.91  
54.13  
50.42  
-10.62  
-9.27  
-3.31  
-47.67  
-51.75  
-43.92  
-4.25  
-4.39  
-5.86  
6.09  
10.92  
7.17  
-9.5  
-47.3  
-8.0  
12.47  
25.27  
16.58  
108.6  
96.3  
99.4  
93.0  
47.6  
49.1  
43.2  
43.3  
-8.5  
-3.4  
-52.1  
-47.2  
-4.4  
-6.3  
West Texas  
Intermediate(WTI)  
Forcados  
112.5  
105.9  
101.3  
96.3  
47.4  
49.5  
44.0  
40.8  
54.76  
52.43  
-11.21  
-9.58  
-53.93  
-46.79  
-3.41  
-8.74  
10.77  
11.67  
-10.0  
-9.0  
-53.2  
-48.6  
-3.4  
-9.1  
24.48  
28.63  
OPEC Basket  
95  
Source: OPEC, Reuters  
96  
Table 54  
Composite Consumer price Index  
(November 2009 = 100)  
2013  
1
2014  
2
2015  
3
2016  
4
2017  
5
Percentage change between  
(1) & (2) (2) & (3) (3) & (4) (4) & (5)  
All- Item  
152.3  
153.0  
150.8  
147.4  
154.3  
153.9  
134.7  
149.8  
162.2  
164.4  
162.5  
160.2  
159.5  
168.4  
167.9  
144.7  
161.3  
171.8  
155.5  
153.5  
159.7  
125.5  
139.6  
147.0  
144.6  
156.2  
164.4  
180.1  
176.7  
173.8  
177.1  
186.2  
185.6  
157.8  
177.1  
184.6  
167.2  
165.8  
176.1  
129.3  
149.4  
160.8  
157.2  
170.3  
180.1  
213.6  
208.6  
199.3  
214.4  
218.6  
217.6  
181.2  
246.4  
233.8  
224.4  
248.5  
261.0  
259.8  
196.8  
8.0  
6.2  
6.3  
8.2  
9.2  
9.1  
7.4  
7.7  
5.9  
7.9  
7.0  
6.7  
3.8  
7.3  
6.6  
7.6  
7.0  
9.6  
8.7  
8.4  
11.1  
10.6  
10.5  
9.0  
9.8  
7.5  
7.5  
8.0  
10.2  
3.1  
7.0  
9.4  
8.7  
18.5  
18.1  
14.7  
21.1  
17.4  
17.2  
14.8  
17.8  
27.3  
13.6  
11.3  
17.3  
5.3  
15.4  
12.1  
12.6  
15.9  
19.4  
19.4  
8.6  
15.0  
8.3  
13.7  
11.4  
12.3  
3.5  
All- Item Less Farm Produce  
All- Item Less Farm Produce & Energy  
Imported Food  
Food  
Food & Non-Alcoholic Beverages  
Alcoholic Beverage, Tobacco & Kola  
Clothing & Footwear  
Housing, Water, Electricity, Gas & other Fuel  
Furnishing & household Equipment Maintenance 144.1  
208.6 239.8  
234.9  
190.0  
184.5  
206.5  
136.2  
164.5  
195.5  
171.2  
191.9  
213.6  
254.4  
216.0  
205.6  
232.0  
140.9  
180.9  
216.9  
189.1  
213.9  
246.4  
Health  
Transport  
143.5  
149.6  
120.9  
130.1  
137.9  
134.4  
145.9  
152.3  
Communication  
Recreation & Culture  
Education  
Restaurant & Hotels  
Miscellaneous goods & Services  
End-December CPI  
10.1  
21.6  
8.9  
9.9  
11.0  
10.5  
11.5  
9.0  
12.7  
Note: Imported Food component was introduced in 2009.  
Source: NBS  
97  
Table 55  
Urban Consumer Price Index  
(November 2009 = 100)  
2013  
1
2014  
2
2015  
3
2016  
4
2017  
5
Percentage change between  
(1) & (2) (2) & (3) (3) & (4) (4) & (5)  
All- Item  
151.4  
150.4  
147.7  
146.7  
151.0  
150.6  
127.6  
152.2  
164.9  
163.4  
160.1  
157.0  
159.2  
165.4  
164.9  
138.1  
162.9  
173.8  
151.6  
152.7  
164.0  
123.5  
141.7  
147.4  
146.4  
157.1  
163.4  
179.2  
174.3  
170.7  
177.2  
183.8  
183.1  
151.5  
178.5  
185.9  
163.3  
165.6  
182.4  
127.2  
152.1  
161.2  
158.2  
170.7  
179.2  
215.3  
208.5  
197.5  
215.3  
216.2  
215.0  
175.0  
210.1  
247.7  
186.6  
184.4  
215.7  
133.4  
166.5  
194.4  
171.7  
193.1  
215.3  
249.3  
235.8  
224.7  
251.5  
260.3  
258.7  
191.5  
243.8  
267.4  
216.4  
208.4  
246.5  
139.4  
186.2  
217.6  
194.3  
218.6  
249.3  
7.9  
6.4  
6.3  
8.5  
9.5  
9.5  
8.2  
7.0  
5.4  
8.4  
7.0  
6.9  
4.1  
8.1  
7.0  
7.8  
7.1  
9.7  
8.9  
8.7  
11.3  
11.1  
11.0  
9.7  
9.6  
6.9  
7.7  
8.4  
11.2  
3.0  
7.3  
9.3  
8.0  
20.1  
19.6  
15.7  
21.5  
17.6  
17.4  
15.5  
17.7  
33.2  
14.3  
11.3  
18.3  
4.9  
15.8  
13.1  
13.8  
16.8  
20.4  
20.3  
9.4  
16.0  
8.0  
15.9  
13.0  
14.3  
4.5  
All- Item Less Farm Produce  
All- Item Less Farm Produce & Energy  
Imported Food  
Food  
Food & Non-Alcoholic Beverages  
Alcoholic Beverage, Tobacco & Kola  
Clothing & Footwear  
Housing, Water, Electricity, Gas & other Fuel  
Furnishing & household Equipment Maintenance 139.8  
Health  
Transport  
142.7  
153.4  
118.7  
131.1  
137.7  
135.9  
146.8  
151.4  
Communication  
Recreation & Culture  
Education  
Restaurant & Hotels  
Miscellaneous goods & Services  
End-December CPI  
9.4  
20.6  
8.6  
11.9  
12.0  
13.1  
13.2  
8.7  
13.1  
Source: NBS  
98  
Table 56  
Rural Consumer Price Index  
(November 2009 = 100)  
2013  
1
2014  
2
2015  
3
2016  
4
2017  
5
Percentage change between  
(1) & (2) (2) & (3) (3) & (4) (4) & (5)  
All- Item  
153.3  
155.2  
153.4  
148.0  
157.4  
157.0  
142.0  
147.5  
159.5  
165.5  
164.6  
162.9  
159.7  
171.2  
170.9  
151.6  
159.6  
169.7  
159.4  
154.2  
153.4  
126.2  
137.7  
146.6  
143.1  
155.4  
165.5  
181.1  
178.7  
176.3  
177.0  
188.6  
188.1  
164.4  
175.5  
183.2  
171.1  
166.0  
167.5  
130.0  
146.9  
160.4  
156.4  
169.9  
181.1  
212.2  
208.7  
200.9  
213.7  
220.8  
220.1  
187.4  
206.9  
221.7  
193.4  
184.6  
193.6  
137.2  
162.6  
196.4  
170.8  
190.9  
212.2  
244.1  
232.2  
224.2  
246.1  
261.9  
260.9  
202.5  
235.8  
241.3  
216.2  
203.4  
214.3  
140.9  
176.1  
216.4  
184.9  
210.1  
244.1  
8.0  
6.1  
6.2  
7.9  
8.8  
8.8  
6.8  
8.3  
6.3  
7.3  
7.0  
6.5  
4.0  
6.7  
6.2  
7.4  
7.0  
9.4  
8.6  
8.2  
10.9  
10.1  
10.1  
8.4  
10.0  
7.9  
7.4  
7.6  
9.2  
3.0  
17.2  
16.8  
13.9  
20.7  
17.1  
17.0  
14.0  
17.8  
21.1  
13.0  
11.2  
15.6  
5.5  
15.0  
11.3  
11.6  
15.1  
18.6  
18.6  
8.0  
14.0  
8.8  
11.8  
10.2  
10.7  
2.7  
All- Item Less Farm Produce  
All- Item Less Farm Produce & Energy  
Imported Food  
Food  
Food & Non-Alcoholic Beverages  
Alcoholic Beverage, Tobacco & Kola  
Clothing & Footwear  
Housing, Water, Electricity, Gas & other Fuel  
Furnishing & household Equipment Maintenance 148.5  
Health  
Transport  
144.1  
144.1  
121.3  
129.0  
138.0  
133.3  
145.2  
153.3  
Communication  
Recreation & Culture  
Education  
Restaurant & Hotels  
Miscellaneous goods & Services  
6.8  
9.4  
9.3  
9.3  
10.6  
22.5  
9.2  
8.3  
10.1  
8.3  
12.4  
10.0  
CPI, End-December  
Source: NBS  
99  
Table 57  
Balance of Payments  
(US$’ Million)  
2013  
2014  
906.54  
2015  
2016 /1  
2,722.34  
2017 /2  
10,398.21  
CURRENT ACCOUNT  
Goods  
Credit  
19,205.15  
42,517.47  
97,818.22  
-55,300.75  
97,818.22  
90,574.69  
81,142.90  
9,431.79  
7,243.53  
104.10  
-15,438.64  
-6,447.02  
45,887.74  
-52,334.76  
45,887.74  
42,443.39  
35,911.26  
6,532.13  
3,444.35  
129.37  
21,002.06  
82,595.80  
-61,593.74  
82,595.80  
76,515.31  
66,127.29  
10,388.03  
6,080.49  
125.03  
-536.06  
34,703.90  
-35,239.95  
34,703.90  
32,029.04  
27,356.57  
4,672.47  
2,674.86  
116.19  
13,148.15  
45,817.49  
-32,669.34  
45,817.49  
42,296.86  
36,117.17  
6,179.69  
3,520.63  
112.29  
Debit  
Exports fob  
Crude oil & gas  
Crude oil  
Gas  
Non-oil and Electricity  
Electricity  
Other Non-oil  
Imports fob  
Crude oil & gas /3  
Non-oil  
Trading Partner Adjustment  
Services(net)  
7,139.43  
-55,300.75  
-15,195.58  
-40,105.17  
0.00  
-19,565.79  
2,415.81  
-21,981.59  
-7,476.26  
1,108.28  
-8,584.54  
-3,237.05  
78.36  
-3,315.41  
-4,441.58  
554.39  
-4,995.97  
202.36  
475.52  
-273.16  
-5,369.58  
542.39  
-5,911.97  
-690.22  
0.00  
-690.22  
-4,679.36  
542.39  
-5,221.75  
-2,505.88  
0.00  
5,955.46  
-61,593.74  
-13,806.03  
-47,787.71  
0.00  
-22,862.47  
1,991.35  
-24,853.82  
-8,004.57  
774.38  
-8,778.94  
-3,268.67  
62.17  
-3,330.83  
-4,656.05  
346.10  
-5,002.15  
-79.85  
366.11  
-445.96  
-5,268.26  
543.13  
-5,811.39  
-1,155.32  
0.00  
-1,155.32  
-4,112.94  
543.13  
3,314.97  
-52,334.76  
-8,494.92  
-43,839.84  
0.00  
-16,452.66  
3,160.03  
-19,612.69  
-5,941.14  
1,808.04  
-7,749.18  
-3,348.89  
56.55  
-3,405.44  
-3,716.64  
450.71  
-4,167.35  
1,124.39  
1,300.78  
-176.39  
-5,201.29  
403.92  
-5,605.20  
-1,310.63  
0.00  
-1,310.63  
-3,890.66  
403.92  
-4,294.58  
-2,247.49  
0.00  
2,558.67  
-35,239.95  
-8,950.42  
-26,289.53  
0.00  
-8,014.66  
3,743.64  
-11,758.31  
-4,263.54  
1,664.50  
-5,928.03  
-3,427.01  
18.47  
-3,445.48  
-2,038.81  
369.08  
-2,407.89  
1,202.28  
1,276.94  
-74.66  
3,408.34  
-32,669.34  
-8,155.14  
-24,514.20  
0.00  
-13,234.28  
5,030.50  
-18,264.78  
-3,346.25  
1,300.53  
-4,646.79  
-2,330.13  
65.98  
-2,396.11  
-1,925.71  
235.72  
-2,161.43  
909.59  
998.83  
Credit  
Debit  
Transportation(net)  
Credit  
Debit  
Of which: Passenger  
Credit  
Debit  
Of which: Freight  
Credit  
Debit  
Of which: Other  
Credit  
Debit  
-89.24  
Travel  
-8.81  
-3,248.17  
2,549.09  
-5,797.26  
-768.72  
0.00  
-768.72  
-2,479.44  
2,549.09  
-5,028.54  
-2,295.74  
0.00  
Credit  
Debit  
Business travel  
Credit  
Debit  
Personal travel  
Credit  
Debit  
1,070.29  
-1,079.11  
-306.86  
0.00  
-306.86  
298.05  
1,070.29  
-772.25  
-497.47  
0.00  
-4,656.07  
-2,238.60  
0.00  
Education related expenditure  
Credit  
Debit  
Health related expenditure  
-2,505.88  
-997.75  
0.00  
-997.75  
-1,175.73  
542.39  
-1,718.12  
-218.62  
4.12  
-2,238.60  
-835.27  
0.00  
-835.27  
-1,039.07  
543.13  
-1,582.20  
-312.91  
22.15  
-2,247.49  
-746.35  
0.00  
-746.35  
-896.82  
403.92  
-1,300.73  
-289.28  
43.11  
-497.47  
-17.00  
0.00  
-17.00  
812.52  
1,070.29  
-257.78  
-614.78  
79.62  
-2,295.74  
-783.77  
0.00  
-783.77  
600.07  
2,549.09  
-1,949.02  
-743.71  
70.07  
Credit  
Debit  
Other Personal Travels  
Credit  
Debit  
Insurance services  
Credit  
Debit  
Communication services  
Credit  
Debit  
Construction services  
Credit  
-222.74  
-520.39  
52.08  
-572.47  
-87.31  
0.00  
-335.07  
-820.19  
53.64  
-873.83  
-70.00  
0.00  
-332.39  
-640.35  
77.18  
-717.54  
-51.50  
0.00  
-694.40  
-79.63  
117.65  
-197.28  
-0.26  
0.00  
-813.78  
72.00  
290.05  
-218.04  
-1.12  
0.00  
Debit  
Financial services  
-87.31  
-726.17  
22.19  
-748.37  
-315.62  
0.00  
-70.00  
-1,227.16  
14.14  
-1,241.30  
-698.77  
0.00  
-51.50  
-865.53  
253.56  
-1,119.09  
-338.41  
0.00  
-0.26  
-120.14  
248.09  
-368.23  
-148.72  
0.00  
-1.12  
-247.60  
290.93  
-538.53  
-222.28  
0.00  
Credit  
Debit  
Computer & information services  
Credit  
Debit  
Royalties and license fees  
Credit  
-315.62  
-260.70  
0.00  
-698.77  
-252.84  
0.00  
-338.41  
-252.84  
0.00  
-148.72  
-252.84  
0.00  
-222.28  
-252.84  
0.00  
Debit  
Other business services  
Credit  
-260.70  
-3,315.76  
203.09  
-252.84  
-4,723.95  
100.00  
-252.84  
-1,871.70  
87.53  
-252.84  
-2,595.47  
64.68  
-252.84  
-5,354.81  
48.27  
Debit  
-3,518.85  
-4,823.95  
-1,959.23  
-2,660.15  
-5,403.08  
100  
Table 57 Cont’d  
Balance of Payments  
(US$’ Million)  
-1,099.95  
0.00  
Operational leasing services  
Credit  
-1,123.15  
0.00  
-576.32  
0.00  
-849.31  
0.00  
-713.16  
0.00  
Debit  
Misc. business, professional, and technical services  
-1,099.95  
-2,215.81  
203.09  
-2,418.90  
-20.72  
0.00  
-1,123.15  
-3,600.80  
100.00  
-3,700.80  
-301.51  
0.00  
-576.32  
-1,295.38  
87.53  
-1,382.91  
-160.75  
0.00  
-849.31  
-1,746.16  
64.68  
-1,810.84  
-15.90  
0.00  
-713.16  
-4,641.65  
48.27  
-4,689.93  
-109.31  
0.00  
Credit  
Debit  
Personal, cultural & recreational services  
Credit  
Debit  
Government Services  
Credit  
Debit  
Income(net)  
Credit  
Debit  
Compensation of employees  
Credit  
Debit  
Investment income  
Credit  
-20.72  
-1,254.65  
483.66  
-1,738.31  
-25,729.78  
888.06  
-26,617.84  
167.95  
191.25  
-23.30  
-25,897.73  
696.81  
-26,594.54  
-25,148.94  
315.15  
-25,464.09  
-25,085.26  
312.25  
-25,397.51  
-22,424.40  
284.17  
-22,708.57  
-2,660.86  
28.08  
-301.51  
-1,182.31  
483.91  
-1,666.22  
-19,162.07  
1,633.04  
-20,795.11  
182.90  
-160.75  
-839.87  
486.69  
-1,326.56  
-12,707.75  
930.77  
-13,638.52  
204.75  
217.87  
-13.12  
-12,912.50  
712.90  
-13,625.40  
-12,162.11  
300.56  
-12,462.68  
-12,115.41  
297.60  
-12,413.02  
-10,004.99  
270.01  
-10,275.00  
-2,110.42  
27.60  
-2,138.02  
-46.70  
2.96  
-49.66  
-531.68  
23.13  
-554.81  
-218.71  
-218.71  
389.21  
-607.92  
20,168.79  
22,117.34  
-1,948.55  
1,521.86  
1,672.51  
-150.65  
18,646.93  
20,444.82  
-1,797.90  
19,385.85  
20,408.18  
-1,022.33  
-738.92  
36.64  
-15.90  
85.44  
-109.31  
219.80  
481.54  
-261.75  
-11,511.23  
1,565.44  
-13,076.67  
228.91  
498.81  
-413.37  
-8,616.11  
1,250.74  
-9,866.85  
179.73  
191.29  
-11.56  
-8,795.84  
1,059.45  
-9,855.29  
-8,334.83  
340.58  
-8,675.40  
-8,267.28  
336.97  
-8,604.25  
-6,679.74  
302.91  
-6,982.65  
-1,587.55  
34.06  
200.08  
-17.18  
235.33  
-6.42  
-19,344.98  
1,432.96  
-20,777.94  
-19,351.26  
316.70  
-19,667.96  
-19,311.79  
313.74  
-19,625.53  
-16,680.83  
285.29  
-16,966.12  
-2,630.96  
28.45  
-2,659.41  
-39.47  
2.96  
-42.43  
-513.08  
24.57  
-537.65  
519.36  
519.36  
1,091.69  
-572.33  
21,929.02  
22,800.73  
-871.71  
1,823.74  
1,876.19  
-52.45  
20,105.28  
20,924.54  
-819.26  
20,761.57  
20,799.01  
-37.44  
-11,740.14  
1,330.11  
-13,070.25  
-11,243.30  
427.00  
-11,670.30  
-11,152.24  
423.12  
-11,575.36  
-9,506.80  
380.79  
-9,887.59  
-1,645.45  
42.32  
-1,687.77  
-91.05  
3.88  
-94.94  
-684.23  
256.55  
-940.78  
187.39  
187.39  
Debit  
Direct investment  
Credit  
Debit  
Income on equity  
Credit  
Debit  
Dividends and distributed branch profits  
Credit  
Debit  
Reinvested earnings and undistributed branch profit  
Credit  
Debit  
Income on Direct Investment Loans (interest)  
-2,688.94  
-63.68  
2.90  
-66.58  
-908.82  
20.76  
-1,621.60  
-67.54  
3.61  
Credit  
Debit  
Portfolio investment  
Credit  
Debit  
Other investment  
-71.15  
-488.45  
248.58  
-737.03  
27.43  
-929.58  
160.03  
160.03  
360.90  
-200.87  
21,983.24  
22,711.93  
-728.69  
1,730.92  
1,912.28  
-181.36  
20,252.32  
20,799.65  
-547.33  
20,748.72  
20,776.32  
-27.60  
-496.40  
23.33  
Income on debt (interest)  
Credit  
Debit  
Current transfers(net)  
27.43  
470.29  
-442.86  
19,889.17  
20,942.66  
-1,053.49  
1,399.34  
1,406.97  
-7.63  
18,489.82  
19,535.69  
-1,045.86  
18,773.44  
19,506.65  
-733.21  
-283.61  
29.04  
646.56  
-459.17  
21,995.57  
22,517.20  
-521.63  
679.66  
Credit  
Debit  
General government  
Credit /4  
Debit  
Other sectors  
679.66  
0.00  
21,315.91  
21,837.54  
-521.63  
21,532.76  
21,801.69  
-268.93  
-216.85  
35.85  
Credit  
Debit  
Workers' remittances  
Credit  
Debit  
Other Transfers  
-656.28  
125.54  
-781.82  
12,286.23  
0.00  
Credit  
Debit  
-519.73  
7,748.83  
0.00  
-775.57  
-1,027.91  
0.00  
-312.65  
2,899.54  
0.00  
-252.70  
-4,327.88  
0.00  
CAPITAL AND FINANCIAL ACCOUNT  
Capital account(net)  
Credit  
Debit  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Capital transfers  
Credit  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
General Government  
Debt Forgiveness  
Other Sector  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Debit  
Acquisition/disposal of nonproduced, nonfin assets  
0.00  
0.00  
0.00  
0.00  
0.00  
Credit  
Debit  
101  
Table 57 Cont’d  
Balance of Payments  
(US$’ Million)  
Assets  
Direct investment (Abroad)  
-13,854.40  
-1,237.50  
-1,209.42  
-1,209.42  
-6,047.04  
-1,614.29  
-1,585.84  
-1,585.84  
-7,664.95  
-1,435.20  
-1,407.61  
-1,407.61  
-3,260.88  
-1,305.04  
-1,270.98  
-1,270.98  
-22,247.05  
-1,286.18  
-1,243.85  
-1,243.85  
Equity capital  
Claims on direct investment enterprises  
Liabilities to direct investors  
Reinvested earnings  
Other capital  
-28.08  
0.00  
-28.45  
0.00  
-27.60  
0.00  
-34.06  
0.00  
-42.32  
0.00  
Claims on direct investment enterprises  
Liabilities to direct investors  
Portfolio investment  
Equity securities  
Debt securities  
-3,246.61  
-2,597.29  
-649.32  
-3,449.14  
-2,759.32  
-689.83  
-1,676.50  
-1,341.20  
-335.30  
-177.42  
-141.94  
-35.48  
-7.24  
-5.79  
-1.45  
Long-term  
Short-term  
Other investment  
Trade credits  
Loans  
-649.32  
-10,358.41  
-10,291.86  
-302.35  
-689.83  
-9,436.07  
-12,981.38  
886.87  
-335.30  
-10,406.74  
-6,883.16  
717.85  
-35.48  
-2,759.23  
-5,205.58  
-540.87  
-1.45  
-8,711.46  
-6,872.62  
-505.58  
Currency and deposits  
Monetary authorities  
General government  
Banks  
235.80  
2,658.43  
-4,241.43  
2,987.22  
-1,333.25  
-170.05  
-639.55  
1,045.41  
678.59  
1,030.46  
949.38  
1,350.85  
4,463.84  
-10,056.12  
99.84  
1,290.32  
1,597.07  
-507.13  
-1,836.79  
1,010.67  
Other sectors  
Other Assets  
Reserve assets  
988.12  
8,452.47  
5,853.49  
980.81  
-12,242.18  
Monetary Gold  
SDRs  
Reserve Positions in the Fund  
Foreign exchange  
Other Claims  
988.12  
8,452.47  
5,853.49  
980.81  
-12,242.18  
Liabilities  
21,603.23  
5,608.46  
2,890.70  
18,333.27  
4,693.83  
2,021.39  
6,637.04  
3,064.17  
921.93  
6,160.42  
4,448.73  
2,826.25  
17,919.16  
3,503.00  
1,812.91  
Direct Invesment in reporting economy  
Equity capital  
Claims on direct investors  
Liabilities to direct investors  
Reinvested earnings  
Other capital  
2,890.70  
2,688.94  
28.83  
2,021.39  
2,659.41  
13.03  
921.93  
2,138.02  
4.22  
2,826.25  
1,621.60  
0.88  
1,812.91  
1,687.77  
2.31  
Claims on direct investors  
Liabilities to direct investors  
Portfolio Investment  
Equity securities  
Debt securities  
Long-term  
28.83  
13,652.16  
5,577.41  
8,074.74  
7,010.18  
1,064.56  
2,342.62  
0.00  
13.03  
5,292.77  
1,044.96  
4,247.81  
3,222.80  
1,025.01  
8,346.68  
0.00  
4.22  
2,535.20  
-476.62  
3,011.82  
2,440.21  
571.61  
1,037.67  
0.00  
0.88  
1,887.69  
325.13  
1,562.56  
984.70  
577.86  
-176.00  
0.00  
2.31  
8,530.77  
2,924.27  
5,606.50  
2,397.65  
3,208.86  
5,885.39  
0.00  
Short-term  
Other investment liabilities  
Trade credits  
Short-term  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Long-term  
Loans  
1,480.96  
2,203.04  
2,203.04  
2,367.60  
-164.56  
4,738.91  
1,128.32  
1,128.32  
1,261.27  
-132.95  
291.66  
1,009.78  
1,009.78  
1,114.05  
-104.27  
1,743.70  
3,082.11  
3,082.11  
3,227.03  
-144.92  
4,133.57  
5,226.12  
5,226.12  
5,473.52  
-247.40  
General government  
Long-term  
Drawings  
Repayments  
short-term  
Monetary authorities  
Banks  
Other sectors  
646.54  
-1,368.62  
-1,368.62  
0.00  
2,433.18  
1,177.42  
1,177.42  
0.00  
697.52  
-1,415.64  
-1,415.64  
0.00  
-728.08  
-610.33  
-610.33  
0.00  
602.80  
-1,695.34  
-1,695.34  
0.00  
Long-term  
Short-term  
Currency & Deposits  
Monetary Authority  
Banks  
861.65  
0.00  
861.65  
3,607.77  
0.00  
3,607.77  
0.00  
-13,192.77  
746.01  
0.00  
746.01  
0.00  
16,466.56  
-1,919.70  
0.00  
-1,919.70  
0.00  
-5,621.87  
1,751.81  
0.00  
1,751.81  
0.00  
-6,070.33  
Other Liabilities -monetary authority SDR allocation  
NET ERRORS AND OMISSIONS  
0.00  
-26,953.98  
Memorandum Items:  
2013  
2014  
2015  
2016 /1  
2017 /2  
2.76  
-1.15  
Current Account Balance as % of GDP  
Capital and Financial Account Balance as % of GDP  
Overall Balance as % of GDP  
3.70  
1.49  
-0.19  
0.16  
2.14  
-1.47  
-3.19  
-0.21  
-1.21  
0.67  
0.71  
-0.24  
3.25  
External Reserves - Stock (US $ million)  
Number of Months of Imports Equivalent  
External Debt Stock (US$ million)  
42,847.31  
9.30  
8,821.90  
34,241.54  
6.67  
9,711.44  
28,284.82  
6.49  
10,718.44  
26,990.58  
9.19  
11,406.28  
39,353.49  
14.46  
18,913.44  
Debt Service Due as % of Exports of Goods and Non Factor Services  
Effective Central Exchange Rate (N/$)  
Average Exchange Rate (N/$)  
156.03  
157.31  
155.98  
157.27  
158.55  
169.68  
196.49  
196.49  
196.50  
252.69  
253.19  
304.50  
305.29  
305.79  
305.50  
End-Period Exchange Rate (N/$)  
1/ Revised  
2/ Provisional  
3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from  
the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS  
4/ The series on transfers to Government (credit) were revised using more reliable data on Official Development  
Assistance from the National Planning Commission (NPC)  
Source: CBN  
102  
Table 58  
Balance of Payments  
(Naira Million)  
2013  
2014  
2015  
2016 /1  
687,906.39  
2017 /2  
CURRENT ACCOUNT  
Goods  
Credit  
2,996,626.99  
6,634,107.62  
15,262,822.03  
-8,628,714.40  
15,262,822.03  
14,132,595.70  
12,660,929.59  
1,471,666.12  
1,130,226.32  
16,243.76  
1,113,982.57  
-8,628,714.40  
-2,371,004.48  
-6,257,709.92  
0.00  
142,571.44  
3,302,988.65  
12,989,820.33  
-9,686,831.68  
12,989,820.33  
12,033,543.22  
10,399,821.26  
1,633,721.96  
956,277.11  
19,663.65  
936,613.46  
-9,686,831.68  
-2,171,271.12  
-7,515,560.55  
0.00  
-3,033,484.84  
-1,266,752.48  
9,016,321.14  
-10,283,073.62  
9,016,321.14  
8,339,553.53  
7,056,077.59  
1,283,475.93  
676,767.61  
25,420.03  
651,347.58  
-10,283,073.62  
-1,669,136.79  
-8,613,936.83  
0.00  
3,174,430.69  
4,013,948.85  
13,987,446.88  
-9,973,498.02  
13,987,446.88  
12,912,647.82  
11,026,074.20  
1,886,573.62  
1,074,799.05  
34,280.23  
1,040,518.82  
-9,973,498.02  
-2,489,652.21  
-7,483,845.81  
0.00  
-135,456.30  
8,769,316.93  
-8,904,773.23  
8,769,316.93  
8,093,408.37  
6,912,723.44  
1,180,684.93  
675,908.56  
29,359.80  
646,548.76  
-8,904,773.23  
-2,261,679.35  
-6,643,093.88  
0.00  
Debit  
Exports fob  
Crude oil & gas  
Crude oil  
Gas  
Non-oil and Electricity  
Electricity  
Other Non-oil  
Imports fob  
Crude oil & gas /3  
Non-oil  
Trading Partner Adjustment  
Services(net)  
-3,052,898.88  
376,944.30  
-3,429,843.18  
-1,166,539.93  
172,927.07  
-1,339,467.01  
-505,084.54  
12,227.17  
-517,311.71  
-693,030.60  
86,502.70  
-779,533.30  
31,575.20  
74,197.20  
-42,621.99  
-837,828.96  
84,630.47  
-922,459.43  
-107,696.68  
0.00  
-3,595,574.86  
313,179.16  
-3,908,754.02  
-1,258,876.30  
121,785.91  
-1,380,662.21  
-514,062.55  
9,776.83  
-523,839.38  
-732,255.60  
54,431.06  
-786,686.66  
-12,558.15  
57,578.02  
-70,136.17  
-828,538.01  
85,417.91  
-913,955.92  
-181,697.64  
0.00  
-181,697.64  
-646,840.38  
85,417.91  
-732,258.29  
-352,063.59  
0.00  
-3,232,724.85  
620,903.14  
-3,853,627.98  
-1,167,354.71  
355,255.21  
-1,522,609.92  
-658,011.38  
11,111.31  
-669,122.69  
-730,270.04  
88,558.43  
-818,828.47  
220,926.71  
255,585.47  
-34,658.76  
-1,021,982.30  
79,364.04  
-1,101,346.34  
-257,520.16  
0.00  
-257,520.16  
-764,462.14  
79,364.04  
-843,826.18  
-441,601.63  
0.00  
-2,025,222.38  
945,980.51  
-2,971,202.89  
-1,077,351.77  
420,601.26  
-1,497,953.03  
-865,969.37  
4,668.06  
-870,637.43  
-515,186.28  
93,262.39  
-608,448.67  
303,803.88  
322,670.80  
-18,866.92  
-2,227.41  
270,452.51  
-272,679.92  
-77,540.63  
0.00  
-77,540.63  
75,313.22  
270,452.51  
-195,139.29  
-125,706.12  
0.00  
-4,040,243.77  
1,535,741.78  
-5,575,985.54  
-1,021,565.43  
397,034.82  
-1,418,600.25  
-711,357.34  
20,142.34  
Credit  
Debit  
Transportation(net)  
Credit  
Debit  
Of which: Passenger  
Credit  
Debit  
Of which: Freight  
Credit  
Debit  
Of which: Other  
Credit  
Debit  
-731,499.68  
-587,893.33  
71,962.37  
-659,855.70  
277,685.24  
304,930.11  
-27,244.87  
-991,620.44  
778,203.37  
-1,769,823.81  
-234,681.13  
0.00  
-234,681.13  
-756,939.31  
778,203.37  
-1,535,142.69  
-700,858.42  
0.00  
Travel  
Credit  
Debit  
Business travel  
Credit  
Debit  
Personal travel  
Credit  
Debit  
-107,696.68  
-730,132.28  
84,630.47  
-814,762.75  
-390,998.66  
0.00  
Education related expenditure  
Credit  
Debit  
Health related expenditure  
-390,998.66  
-155,681.19  
0.00  
-155,681.19  
-183,452.42  
84,630.47  
-268,082.89  
-34,112.54  
642.35  
-34,754.89  
-81,197.95  
8,126.17  
-89,324.12  
-13,622.73  
0.00  
-352,063.59  
-131,362.97  
0.00  
-131,362.97  
-163,413.82  
85,417.91  
-248,831.73  
-49,211.73  
3,484.15  
-52,695.87  
-128,991.22  
8,435.95  
-137,427.17  
-11,008.88  
0.00  
-11,008.88  
-192,994.86  
2,224.32  
-195,219.18  
-109,894.90  
0.00  
-441,601.63  
-146,648.44  
0.00  
-146,648.44  
-176,212.08  
79,364.04  
-255,576.12  
-56,838.67  
8,470.53  
-65,309.20  
-125,820.52  
15,165.61  
-140,986.14  
-10,119.05  
0.00  
-10,119.05  
-170,065.02  
49,821.06  
-219,886.08  
-66,493.59  
0.00  
-125,706.12  
-4,295.11  
0.00  
-700,858.42  
-239,274.00  
0.00  
-239,274.00  
183,193.10  
778,203.37  
-595,010.28  
-227,044.55  
21,391.82  
-248,436.37  
21,981.12  
88,546.86  
-66,565.74  
-341.31  
0.00  
Credit  
Debit  
Other Personal Travels  
Credit  
Debit  
-4,295.11  
205,314.45  
270,452.51  
-65,138.06  
-155,349.22  
20,118.27  
-175,467.49  
-20,122.09  
29,729.49  
-49,851.58  
-66.76  
Insurance services  
Credit  
Debit  
Communication services  
Credit  
Debit  
Construction services  
Credit  
0.00  
-66.76  
Debit  
Financial services  
-13,622.73  
-113,306.46  
3,462.95  
-116,769.42  
-49,246.98  
0.00  
-341.31  
-75,587.81  
88,818.36  
-164,406.16  
-67,859.67  
0.00  
-30,356.93  
62,690.30  
-93,047.23  
-37,579.86  
0.00  
Credit  
Debit  
Computer & information services  
Credit  
Debit  
Royalties and license fees  
Credit  
Debit  
Other business services  
Credit  
-49,246.98  
-40,677.67  
0.00  
-40,677.67  
-517,366.52  
31,688.60  
-549,055.12  
-171,627.67  
0.00  
-171,627.67  
-345,738.85  
31,688.60  
-377,427.45  
-109,894.90  
-39,764.08  
0.00  
-39,764.08  
-742,934.79  
15,726.46  
-758,661.26  
-176,637.28  
0.00  
-176,637.28  
-566,297.51  
15,726.46  
-66,493.59  
-49,679.65  
0.00  
-49,679.65  
-367,764.49  
17,198.45  
-384,962.94  
-113,239.35  
0.00  
-113,239.35  
-254,525.14  
17,198.45  
-37,579.86  
-63,890.06  
0.00  
-63,890.06  
-655,848.66  
16,344.45  
-672,193.11  
-214,611.89  
0.00  
-214,611.89  
-441,236.77  
16,344.45  
-457,581.22  
-67,859.67  
-77,188.56  
0.00  
-77,188.56  
-1,634,748.75  
14,737.59  
-1,649,486.35  
-217,716.90  
0.00  
-217,716.90  
-1,417,031.85  
14,737.59  
Debit  
Operational leasing services  
Credit  
Debit  
Misc. business, professional, and technical services  
Credit  
Debit  
-582,023.97  
-271,723.59  
-1,431,769.44  
103  
Table 58 Cont’d  
Balance of Payments  
(Naira Million)  
104  
Personal, cultural & recreational services  
Credit  
-3,233.15  
0.00  
-47,418.56  
0.00  
-31,584.42  
0.00  
-4,018.52  
0.00  
-33,369.61  
0.00  
Debit  
Government Services  
Credit  
Debit  
Income(net)  
Credit  
-3,233.15  
-195,765.98  
75,466.68  
-271,232.66  
-4,014,681.40  
138,566.78  
-4,153,248.19  
26,206.20  
29,841.22  
-3,635.01  
-4,040,887.61  
108,725.57  
-4,149,613.17  
-3,924,052.11  
49,173.64  
-3,973,225.75  
-3,914,115.74  
48,721.15  
-3,962,836.89  
-3,498,935.26  
44,339.76  
-3,543,275.02  
-415,180.48  
4,381.39  
-47,418.56  
-185,941.53  
76,104.46  
-262,045.99  
-3,013,614.16  
256,827.45  
-3,270,441.61  
28,765.25  
31,466.47  
-2,701.22  
-3,042,379.40  
225,360.99  
-3,267,740.39  
-3,043,367.41  
49,807.15  
-3,093,174.56  
-3,037,159.40  
49,342.20  
-3,086,501.60  
-2,623,389.56  
44,867.33  
-2,668,256.89  
-413,769.83  
4,474.87  
-31,584.42  
-165,022.43  
95,628.23  
-260,650.66  
-2,496,901.60  
182,883.90  
-2,679,785.50  
40,229.78  
42,807.91  
-2,578.13  
-2,537,131.38  
140,075.99  
-2,677,207.37  
-2,389,691.17  
59,056.74  
-2,448,747.92  
-2,380,515.49  
58,475.14  
-2,438,990.63  
-1,965,845.87  
53,052.89  
-2,018,898.76  
-414,669.62  
5,422.25  
-4,018.52  
21,588.91  
126,044.23  
-104,455.32  
-2,177,202.90  
316,049.55  
-2,493,252.44  
45,415.43  
48,336.72  
-2,921.28  
-2,222,618.33  
267,712.83  
-2,490,331.16  
-2,106,124.57  
86,059.84  
-2,192,184.41  
-2,089,057.57  
85,148.88  
-2,174,206.44  
-1,687,900.95  
76,543.25  
-1,764,444.19  
-401,156.62  
8,605.63  
-33,369.61  
67,101.25  
147,008.94  
-79,907.70  
-3,514,219.01  
477,906.56  
-3,992,125.57  
69,883.32  
71,842.76  
-1,959.44  
-3,584,102.33  
406,063.80  
-3,990,166.13  
-3,432,423.59  
130,358.44  
-3,562,782.03  
-3,404,626.04  
129,172.42  
-3,533,798.46  
-2,902,293.74  
116,251.42  
-3,018,545.16  
-502,332.30  
12,921.00  
-515,253.30  
-27,797.55  
1,186.02  
-28,983.57  
-208,885.79  
78,319.95  
-287,205.74  
57,207.05  
57,207.05  
197,385.41  
-140,178.36  
6,714,944.61  
6,874,190.34  
-159,245.72  
207,490.80  
207,490.80  
0.00  
Debit  
Compensation of employees  
Credit  
Debit  
Investment income  
Credit  
Debit  
Direct investment  
Credit  
Debit  
Income on equity  
Credit  
Debit  
Dividends and distributed branch profits  
Credit  
Debit  
Reinvested earnings and undistributed branch profit  
Credit  
Debit  
Income on Direct Investment Loans (interest)  
-419,561.87  
-9,936.37  
452.49  
-10,388.86  
-141,805.94  
3,239.23  
-418,244.71  
-6,208.01  
464.95  
-6,672.97  
-80,691.49  
3,864.16  
-420,091.87  
-9,175.69  
581.60  
-9,757.29  
-104,467.08  
4,545.04  
-409,762.25  
-17,067.00  
910.96  
-17,977.96  
-123,425.94  
62,814.80  
-186,240.73  
6,932.18  
Credit  
Debit  
Portfolio investment  
Credit  
Debit  
Other investment  
-145,045.17  
24,970.44  
24,970.44  
56,312.69  
-31,342.25  
3,430,099.65  
3,543,798.94  
-113,699.30  
270,079.77  
298,377.83  
-28,298.05  
3,160,019.87  
3,245,421.12  
-85,401.24  
3,237,474.65  
3,241,781.15  
-4,306.50  
-77,454.78  
3,639.97  
-84,555.64  
81,679.49  
81,679.49  
171,689.68  
-90,010.19  
3,448,771.81  
3,585,865.04  
-137,093.23  
286,819.50  
295,067.51  
-8,248.01  
3,161,952.31  
3,290,797.53  
-128,845.22  
3,265,165.86  
3,271,054.04  
-5,888.18  
-103,213.55  
19,743.49  
-122,957.04  
1,932,252.67  
0.00  
-109,012.12  
-42,973.12  
-42,973.12  
76,474.21  
-119,447.33  
3,962,894.09  
4,345,757.74  
-382,863.65  
299,024.45  
328,625.93  
-29,601.48  
3,663,869.64  
4,017,131.81  
-353,262.18  
3,809,057.82  
4,009,931.86  
-200,874.04  
-145,188.18  
7,199.95  
Income on debt (interest)  
Credit  
Debit  
Current transfers(net)  
6,932.18  
118,838.20  
-111,906.02  
5,025,787.98  
5,291,994.02  
-266,206.04  
353,599.65  
355,526.67  
-1,927.01  
4,672,188.32  
4,936,467.35  
-264,279.03  
4,743,854.62  
4,929,129.33  
-185,274.71  
-71,666.30  
7,338.02  
Credit  
Debit  
General government  
Credit /4  
Debit  
Other sectors  
6,507,453.81  
6,666,699.54  
-159,245.72  
6,573,654.52  
6,655,754.37  
-82,099.85  
-66,200.71  
10,945.17  
-77,145.88  
-1,321,243.18  
0.00  
Credit  
Debit  
Workers' remittances  
Credit  
Debit  
Other Transfers  
Credit  
Debit  
-81,094.75  
1,209,069.77  
0.00  
-152,388.13  
-201,971.06  
0.00  
-79,004.32  
732,682.85  
0.00  
CAPITAL AND FINANCIAL ACCOUNT  
Capital account(net)  
Credit  
Debit  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Capital transfers  
Credit  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
General Government  
Debt Forgiveness  
Other Sector  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Debit  
Acquisition/disposal of nonproduced, nonfin assets  
Credit  
Debit  
105  
Table 58 Cont’d  
Balance of Payments  
(Naira Million)  
Assets  
Direct investment (Abroad)  
-2,161,736.94  
-193,089.72  
-188,708.33  
-188,708.33  
0.00  
-951,016.52  
-253,879.67  
-249,404.79  
-249,404.79  
0.00  
-4,474.87  
0.00  
0.00  
-1,506,058.96  
-281,998.14  
-276,575.89  
-276,575.89  
0.00  
-823,990.80  
-329,769.60  
-321,163.98  
-321,163.98  
0.00  
-8,605.63  
0.00  
0.00  
-6,791,716.24  
-392,652.05  
-379,731.05  
-379,731.05  
0.00  
-12,921.00  
0.00  
0.00  
Equity capital  
Claims on direct investment enterprises  
Liabilities to direct investors  
Reinvested earnings  
Other capital  
Claims on direct investment enterprises  
Liabilities to direct investors  
Portfolio investment  
Equity securities  
Debt securities  
Long-term  
Short-term  
Other investment  
Trade credits  
Loans  
Currency and deposits  
Monetary authorities  
General government  
Banks  
Other sectors  
Other Assets  
Reserve assets  
-4,381.39  
0.00  
0.00  
-5,422.25  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
-506,577.06  
-405,261.65  
-101,315.41  
0.00  
-101,315.41  
-1,616,248.99  
-1,605,864.65  
-47,177.08  
36,792.74  
0.00  
-26,534.01  
-99,791.19  
163,117.94  
0.00  
154,178.83  
0.00  
0.00  
-542,445.97  
-433,956.78  
-108,489.19  
0.00  
-108,489.19  
-1,484,008.60  
-2,041,577.47  
139,478.23  
418,090.65  
0.00  
106,721.88  
162,060.03  
149,308.74  
0.00  
1,329,317.72  
0.00  
0.00  
-329,409.13  
-263,527.30  
-65,881.83  
0.00  
-65,881.83  
-2,044,784.22  
-1,352,448.17  
141,047.26  
-833,383.31  
0.00  
265,424.13  
877,085.27  
-1,975,892.71  
0.00  
1,150,132.53  
0.00  
0.00  
-44,832.21  
-35,865.77  
-8,966.44  
0.00  
-8,966.44  
-697,229.87  
-1,315,397.54  
-136,673.02  
754,840.69  
0.00  
25,228.40  
326,050.07  
403,562.22  
0.00  
247,840.88  
0.00  
0.00  
-2,209.59  
-1,767.67  
-441.92  
0.00  
-441.92  
-2,659,487.30  
-2,098,117.03  
-154,346.99  
-407,023.28  
0.00  
-154,819.86  
-560,745.65  
308,542.22  
0.00  
-3,737,367.30  
0.00  
0.00  
Monetary Gold  
SDRs  
Reserve Positions in the Fund  
Foreign exchange  
Other Claims  
0.00  
154,178.83  
0.00  
0.00  
1,329,317.72  
0.00  
0.00  
1,150,132.53  
0.00  
0.00  
247,840.88  
0.00  
0.00  
-3,737,367.30  
0.00  
Liabilities  
3,370,806.71  
875,102.46  
451,042.79  
0.00  
451,042.79  
419,561.87  
4,497.79  
0.00  
4,497.79  
2,130,179.91  
870,257.55  
1,259,922.35  
1,093,816.08  
166,106.27  
365,524.34  
0.00  
2,883,269.19  
738,197.19  
317,903.93  
0.00  
317,903.93  
418,244.71  
2,048.55  
0.00  
2,048.55  
832,392.02  
164,339.89  
668,052.12  
506,848.66  
161,203.47  
1,312,679.99  
0.00  
1,304,087.90  
602,067.82  
181,146.78  
0.00  
181,146.78  
420,091.87  
829.17  
1,556,673.64  
1,124,148.99  
714,164.37  
0.00  
714,164.37  
409,762.25  
222.37  
5,470,473.06  
1,069,417.29  
553,457.27  
0.00  
553,457.27  
515,253.30  
706.73  
Direct Invesment in reporting economy  
Equity capital  
Claims on direct investors  
Liabilities to direct investors  
Reinvested earnings  
Other capital  
Claims on direct investors  
Liabilities to direct investors  
Portfolio Investment  
Equity securities  
Debt securities  
0.00  
829.17  
0.00  
222.37  
0.00  
706.73  
498,132.22  
-93,649.30  
591,781.51  
479,467.87  
112,313.65  
203,887.86  
0.00  
476,998.74  
82,155.74  
394,843.00  
248,824.74  
146,018.26  
-44,474.08  
0.00  
2,604,327.74  
892,739.14  
1,711,588.60  
731,968.51  
979,620.10  
1,796,728.03  
0.00  
Long-term  
Short-term  
Other investment liabilities  
Trade credits  
Short-term  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Long-term  
Loans  
231,078.65  
343,745.84  
343,745.84  
369,422.55  
-25,676.71  
0.00  
745,287.51  
177,450.59  
177,450.59  
198,359.60  
-20,909.01  
0.00  
57,307.61  
198,408.14  
198,408.14  
218,895.79  
-20,487.65  
0.00  
440,615.22  
778,816.61  
778,816.61  
815,436.40  
-36,619.79  
0.00  
1,261,923.17  
1,595,461.30  
1,595,461.30  
1,670,989.10  
-75,527.81  
0.00  
General government  
Long-term  
Drawings  
Repayments  
short-term  
Monetary authorities  
Banks  
Other sectors  
0.00  
0.00  
0.00  
0.00  
0.00  
100,881.38  
-213,548.58  
-213,548.58  
0.00  
382,665.17  
185,171.75  
185,171.75  
0.00  
137,053.03  
-278,153.56  
-278,153.56  
0.00  
-183,977.67  
-154,223.73  
-154,223.73  
0.00  
184,026.39  
-517,564.52  
-517,564.52  
0.00  
Long-term  
Short-term  
Currency & Deposits  
Monetary Authority  
Banks  
134,445.69  
0.00  
134,445.69  
0.00  
-4,205,696.75  
567,392.48  
0.00  
567,392.48  
0.00  
-2,074,824.11  
146,580.25  
0.00  
146,580.25  
0.00  
3,235,455.89  
-485,089.30  
0.00  
-485,089.30  
0.00  
-1,420,589.24  
534,804.86  
0.00  
534,804.86  
0.00  
-1,853,187.50  
Other Liabilities -monetary authority SDR allocation  
NET ERRORS AND OMISSIONS  
Memorandum Items:  
2013  
2014  
2015  
2016 /1  
0.67  
0.71  
2017 /2  
2.76  
-1.15  
Current Account Balance as % of GDP  
Capital and Financial Account Balance as % of GDP  
Overall Balance as % of GDP  
3.70  
1.49  
-0.19  
0.16  
2.14  
-1.47  
-3.19  
-0.21  
-1.21  
-0.24  
3.25  
External Reserves - Stock (US $ million)  
Number of Months of Imports Equivalent  
External Debt Stock (US$ million)  
42,847.31  
9.30  
8,821.90  
34,241.54  
6.67  
9,711.44  
28,284.82  
6.49  
10,718.44  
26,990.58  
9.19  
11,406.28  
39,353.49  
14.46  
18,913.44  
Debt Service Due as % of Exports of Goods and Non Factor Services  
Effective Central Exchange Rate (N/$)  
Average Exchange Rate (N/$)  
156.03  
157.31  
155.98  
157.27  
158.55  
169.68  
196.49  
196.49  
196.50  
252.69  
253.19  
304.50  
305.29  
305.79  
305.50  
End-Period Exchange Rate (N/$)  
1/ Revised  
2/ Provisional  
3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from  
the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS  
Source: CBN  
106  
Table 59  
Balance of Payments Analytic Presentation  
(US$’ Million)  
107  
2013  
2014  
906.54  
2015  
2016 /1  
2,722.34  
2017 /2  
10,398.21  
CURRENT ACCOUNT  
Goods  
19,205.15  
42,517.47  
97,818.22  
90,574.69  
7,243.53  
-55,300.75  
-15,195.58  
-40,105.17  
0.00  
-15,438.64  
-6,447.02  
45,887.74  
42,443.39  
3,444.35  
-52,334.76  
-8,494.92  
-43,839.84  
0.00  
21,002.06  
82,595.80  
76,515.31  
6,080.49  
-61,593.74  
-13,806.03  
-47,787.71  
0.00  
-536.06  
34,703.90  
32,029.04  
2,674.86  
-35,239.95  
-8,950.42  
-26,289.53  
0.00  
13,148.15  
45,817.49  
42,296.86  
3,520.63  
-32,669.34  
-8,155.14  
-24,514.20  
0.00  
Exports (fob)  
Oil and Gas  
Non-oil and Electricity  
Imports (fob)  
Oil and Gas /3  
Non-oil  
Unrecorded(TPAdj)  
Services(net)  
Credit  
Transportation  
-19,565.79  
2,415.81  
1,108.28  
542.39  
-22,862.47  
1,991.35  
774.38  
-16,452.66  
3,160.03  
1,808.04  
403.92  
-8,014.66  
3,743.64  
1,664.50  
1,070.29  
79.62  
-13,234.28  
5,030.50  
1,300.53  
2,549.09  
70.07  
Travel  
Insurance Services  
543.13  
22.15  
4.12  
43.11  
Communication Services  
Construction Services  
Financial Services  
52.08  
0.00  
22.19  
53.64  
0.00  
14.14  
77.18  
0.00  
253.56  
117.65  
0.00  
248.09  
290.05  
0.00  
290.93  
Computer & information Services  
Royalties and License Fees  
Government Services  
0.00  
0.00  
483.66  
0.00  
0.00  
483.91  
0.00  
0.00  
486.69  
0.00  
0.00  
498.81  
0.00  
0.00  
481.54  
Personal, cultural & recreational services  
Other Bussiness Services  
0.00  
203.09  
0.00  
100.00  
0.00  
87.53  
0.00  
64.68  
0.00  
48.27  
Debit  
Transportation  
Travel  
Insurance Services  
Communication Services  
Construction Services  
Financial Services  
Computer & information Services  
Royalties and License Fees  
Government Services  
Personal, cultural & recreational services  
Other Bussiness Services  
-21,981.59  
-8,584.54  
-5,911.97  
-222.74  
-572.47  
-87.31  
-748.37  
-315.62  
-260.70  
-1,738.31  
-20.72  
-24,853.82  
-8,778.94  
-5,811.39  
-335.07  
-873.83  
-70.00  
-1,241.30  
-698.77  
-252.84  
-1,666.22  
-301.51  
-4,823.95  
-19,162.07  
1,633.04  
1,432.96  
200.08  
-19,612.69  
-7,749.18  
-5,605.20  
-332.39  
-717.54  
-51.50  
-1,119.09  
-338.41  
-252.84  
-1,326.56  
-160.75  
-1,959.23  
-12,707.75  
930.77  
-11,758.31  
-5,928.03  
-1,079.11  
-694.40  
-197.28  
-0.26  
-368.23  
-148.72  
-252.84  
-413.37  
-15.90  
-2,660.15  
-8,616.11  
1,250.74  
1,059.45  
191.29  
-18,264.78  
-4,646.79  
-5,797.26  
-813.78  
-218.04  
-1.12  
-538.53  
-222.28  
-252.84  
-261.75  
-109.31  
-5,403.08  
-11,511.23  
1,565.44  
1,330.11  
235.33  
-3,518.85  
-25,729.78  
888.06  
Income(net)  
Credit  
Investment Income  
Compensation of employees  
696.81  
191.25  
712.90  
217.87  
108  
Table 59 Cont’d  
Balance of Payments Analytic Presentation  
(US$’ Million)  
Debit  
Investment Income  
Compensation of employees  
Current transfers(net)  
Credit  
General Government  
Other Sectors  
Workers Remittance  
-26,617.84  
-26,594.54  
-23.30  
-20,795.11  
-20,777.94  
-17.18  
-13,638.52  
-13,625.40  
-13.12  
-9,866.85  
-9,855.29  
-11.56  
19,889.17  
20,942.66  
1,406.97  
19,535.69  
19,506.65  
-1,053.49  
-7.63  
-13,076.67  
-13,070.25  
-6.42  
21,995.57  
22,517.20  
679.66  
21,837.54  
21,801.69  
-521.63  
0.00  
-521.63  
-268.93  
-4,327.88  
0.00  
21,983.24  
22,711.93  
1,912.28  
20,799.65  
20,776.32  
-728.69  
-181.36  
-547.33  
-27.60  
21,929.02  
22,800.73  
1,876.19  
20,924.54  
20,799.01  
-871.71  
-52.45  
20,168.79  
22,117.34  
1,672.51  
20,444.82  
20,408.18  
-1,948.55  
-150.65  
-1,797.90  
-1,022.33  
-1,027.91  
0.00  
Debit  
General Government  
Other Sectors  
-819.26  
-37.44  
-1,045.86  
-733.21  
2,899.54  
0.00  
Workers Remittance  
CAPITAL AND FINANCIAL ACCOUNT  
Capital account(net)  
Credit  
7,748.83  
0.00  
12,286.23  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Capital Transfers(Debt Forgiveness)  
Debit  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Capital Transfers  
0.00  
0.00  
0.00  
0.00  
0.00  
Financial account(net)  
Assets  
Direct investment (Abroad)  
Portfolio investment  
Other investment  
Change in Reserve  
Liabilities  
Direct Invesment in reporting economy  
Portfolio Investment  
Other investment liabilities  
NET ERRORS AND OMISSIONS  
7,748.83  
-13,854.40  
-1,237.50  
-3,246.61  
-10,358.41  
988.12  
21,603.23  
5,608.46  
13,652.16  
2,342.62  
-26,953.98  
12,286.23  
-6,047.04  
-1,614.29  
-3,449.14  
-9,436.07  
8,452.47  
18,333.27  
4,693.83  
5,292.77  
8,346.68  
-13,192.77  
-1,027.91  
-7,664.95  
-1,435.20  
-1,676.50  
-10,406.74  
5,853.49  
6,637.04  
3,064.17  
2,535.20  
1,037.67  
16,466.56  
2,899.54  
-3,260.88  
-1,305.04  
-177.42  
-2,759.23  
980.81  
6,160.42  
4,448.73  
1,887.69  
-176.00  
-5,621.87  
-4,327.88  
-22,247.05  
-1,286.18  
-7.24  
-8,711.46  
-12,242.18  
17,919.16  
3,503.00  
8,530.77  
5,885.39  
-6,070.33  
Memorandum Items:  
2013  
2014  
2015  
2016 /1  
2017 /2  
2.76  
Current Account Balance as % of GDP  
Capital and Financial Account Balance as % of GDP  
Overall Balance as % of GDP  
3.70  
1.49  
-0.19  
0.16  
2.14  
-1.47  
-3.19  
-0.21  
-1.21  
0.67  
0.71  
-1.15  
3.25  
-0.24  
External Reserves - Stock (US $ million)  
Number of Months of Imports Equivalent  
External Debt Stock (US$ million)  
42,847.31  
9.30  
8,821.90  
34,241.54  
6.67  
9,711.44  
28,284.82  
6.49  
10,718.44  
26,990.58  
9.19  
11,406.28  
39,353.49  
14.46  
18,913.44  
Debt Service Due as % of Exports of Goods Non Factor Services  
Effective Central Exchange Rate (N/$)  
Average Exchange Rate (N/$)  
156.03  
157.31  
155.98  
157.27  
158.55  
169.68  
196.49  
196.49  
196.50  
252.69  
253.19  
304.50  
305.29  
305.79  
305.50  
End-Period Exchange Rate (N/$)  
1/ Revised  
2/ Provisional  
3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from  
the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS  
Source: CBN  
109  
Table 60  
Balance of Payments Analytic Presentation  
(N Million)  
2013  
2014  
2015  
2016 /1  
687,906.39  
2017 /2  
CURRENT ACCOUNT  
Goods  
2,996,626.99  
6,634,107.62  
15,262,822.03  
14,132,595.70  
1,130,226.32  
-8,628,714.40  
-2,371,004.48  
-6,257,709.92  
0.00  
142,571.44  
3,302,988.65  
12,989,820.33  
12,033,543.22  
956,277.11  
-3,033,484.84  
-1,266,752.48  
9,016,321.14  
8,339,553.53  
676,767.61  
3,174,430.69  
4,013,948.85  
13,987,446.88  
12,912,647.82  
1,074,799.05  
-9,973,498.02  
-2,489,652.21  
-7,483,845.81  
0.00  
-135,456.30  
8,769,316.93  
8,093,408.37  
675,908.56  
-8,904,773.23  
-2,261,679.35  
-6,643,093.88  
0.00  
Exports (fob)  
Oil and Gas  
Non-oil and Electricity  
Imports (fob)  
Oil and Gas /3  
Non-oil  
-9,686,831.68 -10,283,073.62  
-2,171,271.12  
-7,515,560.55  
0.00  
-1,669,136.79  
-8,613,936.83  
0.00  
Unrecorded(TPAdj)  
Services(net)  
Credit  
Transportation  
-3,052,898.88  
376,944.30  
172,927.07  
84,630.47  
642.35  
-3,595,574.86  
313,179.16  
121,785.91  
85,417.91  
3,484.15  
-3,232,724.85  
620,903.14  
355,255.21  
79,364.04  
8,470.53  
-2,025,222.38  
945,980.51  
420,601.26  
270,452.51  
20,118.27  
29,729.49  
0.00  
62,690.30  
0.00  
0.00  
126,044.23  
0.00  
16,344.45  
-2,971,202.89  
-1,497,953.03  
-272,679.92  
-175,467.49  
-49,851.58  
-66.76  
-93,047.23  
-37,579.86  
-63,890.06  
-104,455.32  
-4,018.52  
-672,193.11  
-2,177,202.90  
316,049.55  
267,712.83  
48,336.72  
-4,040,243.77  
1,535,741.78  
397,034.82  
778,203.37  
21,391.82  
88,546.86  
0.00  
88,818.36  
0.00  
0.00  
147,008.94  
0.00  
14,737.59  
-5,575,985.54  
-1,418,600.25  
-1,769,823.81  
-248,436.37  
-66,565.74  
-341.31  
-164,406.16  
-67,859.67  
-77,188.56  
-79,907.70  
-33,369.61  
-1,649,486.35  
-3,514,219.01  
477,906.56  
406,063.80  
71,842.76  
Travel  
Insurance Services  
Communication Services  
Construction Services  
Financial Services  
Computer & information Services  
Royalties and License Fees  
Government Services  
Personal, cultural & recreational services  
Other Bussiness Services  
Debit  
8,126.17  
0.00  
3,462.95  
0.00  
0.00  
75,466.68  
0.00  
8,435.95  
0.00  
2,224.32  
0.00  
0.00  
76,104.46  
0.00  
15,165.61  
0.00  
49,821.06  
0.00  
0.00  
95,628.23  
0.00  
31,688.60  
-3,429,843.18  
-1,339,467.01  
-922,459.43  
-34,754.89  
-89,324.12  
-13,622.73  
-116,769.42  
-49,246.98  
-40,677.67  
-271,232.66  
-3,233.15  
-549,055.12  
-4,014,681.40  
138,566.78  
108,725.57  
29,841.22  
15,726.46  
-3,908,754.02  
-1,380,662.21  
-913,955.92  
-52,695.87  
-137,427.17  
-11,008.88  
-195,219.18  
-109,894.90  
-39,764.08  
-262,045.99  
-47,418.56  
-758,661.26  
-3,013,614.16  
256,827.45  
225,360.99  
31,466.47  
17,198.45  
-3,853,627.98  
-1,522,609.92  
-1,101,346.34  
-65,309.20  
-140,986.14  
-10,119.05  
-219,886.08  
-66,493.59  
-49,679.65  
-260,650.66  
-31,584.42  
-384,962.94  
-2,496,901.60  
182,883.90  
140,075.99  
42,807.91  
Transportation  
Travel  
Insurance Services  
Communication Services  
Construction Services  
Financial Services  
Computer & information Services  
Royalties and License Fees  
Government Services  
Personal, cultural & recreational services  
Other Bussiness Services  
Income(net)  
Credit  
Investment Income  
Compensation of employees  
110  
Table 60 Cont’d  
Balance of Payments Analytic Presentation  
(Naira Million)  
Debit  
Investment Income  
Compensation of employees  
Current transfers(net)  
Credit  
General Government  
Other Sectors  
Workers Remittance  
-4,153,248.19  
-4,149,613.17  
-3,635.01  
-3,270,441.61  
-3,267,740.39  
-2,701.22  
-2,679,785.50  
-2,677,207.37  
-2,578.13  
-2,493,252.44  
-2,490,331.16  
-2,921.28  
5,025,787.98  
5,291,994.02  
355,526.67  
4,936,467.35  
4,929,129.33  
-266,206.04  
-1,927.01  
-3,992,125.57  
-3,990,166.13  
-1,959.44  
6,714,944.61  
6,874,190.34  
207,490.80  
6,666,699.54  
6,655,754.37  
-159,245.72  
0.00  
3,430,099.65  
3,543,798.94  
298,377.83  
3,245,421.12  
3,241,781.15  
-113,699.30  
-28,298.05  
-85,401.24  
-4,306.50  
3,448,771.81  
3,585,865.04  
295,067.51  
3,290,797.53  
3,271,054.04  
-137,093.23  
-8,248.01  
-128,845.22  
-5,888.18  
1,932,252.67  
0.00  
3,962,894.09  
4,345,757.74  
328,625.93  
4,017,131.81  
4,009,931.86  
-382,863.65  
-29,601.48  
-353,262.18  
-200,874.04  
-201,971.06  
0.00  
Debit  
General Government  
Other Sectors  
-264,279.03  
-185,274.71  
732,682.85  
0.00  
-159,245.72  
-82,099.85  
-1,321,243.18  
0.00  
Workers Remittance  
CAPITAL AND FINANCIAL ACCOUNT  
Capital account(net)  
Credit  
1,209,069.77  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Capital Transfers(Debt Forgiveness)  
Debit  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
0.00  
Capital Transfers  
0.00  
0.00  
0.00  
0.00  
0.00  
Financial account(net)  
Assets  
Direct investment (Abroad)  
Portfolio investment  
Other investment  
Change in Reserve  
Liabilities  
Direct Invesment in reporting economy  
Portfolio Investment  
Other investment liabilities  
NET ERRORS AND OMISSIONS  
1,209,069.77  
-2,161,736.94  
-193,089.72  
-506,577.06  
-1,616,248.99  
154,178.83  
3,370,806.71  
875,102.46  
2,130,179.91  
365,524.34  
-4,205,696.75  
1,932,252.67  
-951,016.52  
-253,879.67  
-542,445.97  
-1,484,008.60  
1,329,317.72  
2,883,269.19  
738,197.19  
832,392.02  
1,312,679.99  
-2,074,824.11  
-201,971.06  
-1,506,058.96  
-281,998.14  
-329,409.13  
-2,044,784.22  
1,150,132.53  
1,304,087.90  
602,067.82  
498,132.22  
203,887.86  
3,235,455.89  
732,682.85  
-823,990.80  
-329,769.60  
-44,832.21  
-697,229.87  
247,840.88  
1,556,673.64  
1,124,148.99  
476,998.74  
-44,474.08  
-1,420,589.24  
-1,321,243.18  
-6,791,716.24  
-392,652.05  
-2,209.59  
-2,659,487.30  
-3,737,367.30  
5,470,473.06  
1,069,417.29  
2,604,327.74  
1,796,728.03  
-1,853,187.50  
Memorandum Items:  
2013  
2014  
2015  
2016 /1  
0.67  
2017 /2  
2.76  
Current Account Balance as % of GDP  
Capital and Financial Account Balance as % of GDP  
Overall Balance as % of GDP  
3.70  
1.49  
-0.19  
0.16  
2.14  
-1.47  
-3.19  
-0.21  
-1.21  
0.71  
-0.24  
-1.15  
3.25  
External Reserves - Stock (US $ million)  
Number of Months of Imports Equivalent  
External Debt Stock (US$ million)  
42,847.31  
9.30  
8,821.90  
34,241.54  
6.67  
9,711.44  
28,284.82  
6.49  
10,718.44  
26,990.58  
9.19  
11,406.28  
39,353.49  
14.46  
18,913.44  
Debt Service Due as % of Exports of Goods Non Factor Services  
Effective Central Exchange Rate (N/$)  
Average Exchange Rate (N/$)  
156.03  
157.31  
155.98  
157.27  
158.55  
169.68  
196.49  
196.49  
196.50  
252.69  
253.19  
304.50  
305.29  
305.79  
305.50  
End-Period Exchange Rate (N/$)  
1/ Provisional  
2/ Revised  
3/ Covers data on imports of PMS under the Petroleum Support Fund Scheme from the PPPRA, imports of PMS data from  
the NNPC as well as data on import of AGO, DPK and ATK by other Markets from the NCS  
Source: CBN  
111  
Table 61  
Visible Trade 1/  
(Naira Million)  
Items  
2013  
2014  
2015  
2016  
2017 2/  
Imports (cif)  
Crude Oil and Gas  
Non-Oil  
9,439,424.71  
2,429,376.10  
7,010,048.60  
10,538,914.51  
2,215,166.03  
8,323,748.48  
11,076,068.34  
1,725,224.92  
9,350,843.42  
9,480,366.87  
2,384,412.46  
7,095,954.40  
10,804,845.85  
2,615,454.32  
8,189,391.53  
Exports (fob)  
15,262,822.03  
14,132,595.70  
1,130,226.32  
12,989,820.33  
12,033,543.22  
956,277.11  
9,016,321.14  
8,339,553.53  
676,767.61  
8,769,316.93  
8,093,408.37  
675,908.56  
13,987,446.88  
12,912,647.82  
1,074,799.05  
Crude oil and Gas  
Non-Oil sector  
Total Trade  
Crude oil and Gas  
Non-Oil  
24,702,246.73  
16,561,971.81  
8,140,274.93  
23,528,734.84  
14,248,709.25  
9,280,025.59  
20,092,389.48  
10,064,778.45  
10,027,611.03  
18,249,683.79  
10,477,820.83  
7,771,862.96  
24,792,292.72  
15,528,102.15  
9,264,190.58  
Balance of Trade  
Crude oil and Gas  
Non-Oil  
5,823,397.32  
11,703,219.60  
(5,879,822.28)  
2,450,905.82  
9,818,377.19  
(7,367,471.37)  
(2,059,747.21)  
6,614,328.60  
(8,674,075.81)  
(711,049.94)  
5,708,995.91  
(6,420,045.85)  
3,182,601.03  
10,297,193.50  
(7,114,592.47)  
Effective Central Exchange Rate (N/$)  
1/ Revised  
156.03  
157.27  
196.49  
252.69  
305.29  
2/ Provisional  
Source: NBS  
112  
Table 62  
Imports by Major Groups  
(Naira Million)  
IMPORT GROUP  
Consumer Goods  
2013  
2014  
2015  
2016  
2017 /2  
5,496,766.33  
5,439,043.16  
5,984,520.72  
4,682,155.75  
5,575,485.62  
Durable  
Non Durable  
3,784,717.69  
1,712,048.64  
3,597,335.63  
1,841,707.53  
4,057,155.64  
1,927,365.08  
2,708,907.12  
1,973,248.63  
3,069,137.71  
2,506,347.91  
Capital Goods And Raw Materials  
3,865,537.02  
5,021,769.78  
5,007,432.37  
4,693,445.00  
5,160,668.04  
Capital Goods  
Raw Materials  
2,898,603.93  
966,933.09  
3,792,593.33  
1,229,176.45  
3,768,611.07  
1,238,821.29  
3,634,821.17  
1,058,623.83  
4,018,184.46  
1,142,483.58  
Miscellaneous  
77,121.36  
78,101.57  
84,115.26  
104,766.11  
68,692.19  
Total  
1/ Revised  
9,439,424.71 10,538,914.51 11,076,068.34  
9,480,366.87 10,804,845.85  
2/ Provisional  
Source: NBS  
113  
Table 63  
Non-Oil Import by Country of Origin (cif) 1/  
Value (Naira Million)  
2015  
Percentage Share of Total (%)  
2013  
2,440,290.13 2,723,204.06 2,971,081.38 2,201,773.11 2,614,238.01  
2014  
2016  
2017 /2  
2014  
34.81  
12.23  
2.06  
2.66  
-
2015  
32.72  
11.22  
2.04  
2.04  
-
0.67  
2.58  
2016  
31.77  
10.24  
1.60  
1.86  
-
-
2.66  
2017 /2  
31.03  
Industrial Countries  
United States of America  
Japan  
857,444.06  
144,235.99  
186,212.10  
-
-
239,530.36  
933,618.54  
170,035.29  
169,413.23  
-
55,988.85  
214,959.37  
957,319.65  
149,721.60  
174,044.49  
-
-
248,903.73  
697,744.63  
121,755.16  
140,510.82  
299,941.47  
-
180,650.75  
839,055.61  
112,254.01  
176,225.95  
408,257.19  
-
221,057.92  
9.83  
1.72  
1.98  
4.23  
-
2.55  
0.97  
2.19  
France  
Germany  
Switzerland  
Belgium  
Norway  
Italy  
-
3.42  
-
-
144,666.46  
213,252.79  
344,702.66  
272,026.14  
-
-
198,824.83  
257,332.82  
346,804.92  
194,300.13  
-
92,978.46  
251,616.12  
298,005.00  
443,536.78  
194,658.55  
-
69,098.29  
155,186.31  
239,457.02  
297,428.66  
158,591.04  
-
-
186,983.16  
281,442.00  
388,962.18  
198,082.75  
-
-
2.39  
0.99  
2.69  
2.06  
3.04  
4.92  
3.88  
-
Netherlands  
United Kingdom  
African  
3.09  
4.17  
3.19  
4.74  
3.37  
4.19  
2.33  
-
2.08  
-
2.23  
-
Cote d'Ivoire  
Ghana  
Niger  
South Africa  
Egypt  
56,836.79  
62,056.29  
153,133.06  
-
-
-
-
-
0.81  
0.89  
2.18  
-
-
-
37.05  
24.46  
-
6.29  
1.21  
2.61  
0.69  
0.84  
0.96  
-
-
-
-
-
194,300.13  
-
194,658.55  
-
158,591.04  
-
141,359.21  
-
2.33  
-
-
2.08  
-
-
2.23  
-
-
-
-
-
-
-
-
-
-
-
-
Swaziland  
Others  
-
-
-
-
-
56,723.54  
-
40.66  
25.69  
-
6.87  
1.62  
4.51  
-
-
1.98  
-
-
24.29  
1.00  
1.18  
-
0.87  
-
1.81  
0.68  
1.17  
1.26  
-
-
43.33  
29.45  
-
7.12  
1.58  
2.02  
-
0.89  
2.27  
-
-
22.82  
0.99  
0.97  
-
-
0.66  
1.73  
0.88  
1.11  
1.12  
-
-
39.63  
26.70  
-
7.13  
1.62  
1.69  
-
1.34  
1.14  
-
-
27.11  
1.98  
1.03  
-
Asia (excluding Japan)  
China, P.R  
Hong Kong  
India  
2,597,435.97 3,384,777.41 4,051,677.99 2,811,933.23 3,225,503.33  
1,714,876.31 2,138,195.90 2,753,893.64 1,894,951.49 2,170,853.59  
-
440,765.88  
84,769.00  
183,016.52  
48,265.68  
58,582.40  
67,160.18  
-
-
572,065.72  
134,512.16  
375,541.23  
-
665,501.56  
147,769.36  
188,908.50  
-
83,527.72  
212,077.21  
-
-
506,217.69  
114,985.26  
120,140.58  
-
95,028.16  
80,610.04  
-
-
560,787.84  
141,200.73  
148,504.63  
58,922.03  
94,055.39  
51,179.11  
-
Indonesia  
Korea, Republic of  
Singapore  
Malaysia  
Thailand  
-
-
164,462.41  
Taiwan, Province of China  
Others  
-
-
-
-
-
-
-
Others  
1,700,296.37 2,021,466.87 2,133,425.49 1,923,657.02 2,151,567.44  
58,047.24  
68,857.11  
-
84,642.28  
-
104,188.13  
53,043.98  
86,490.79  
24.26  
0.83  
0.98  
-
1.21  
-
1.49  
0.76  
1.23  
1.30  
-
Russia  
Turkey  
Israel  
Ukraine  
Lebanon  
United Arab Emirates  
Sweden  
Ireland  
Spain  
Greece  
83,551.09  
98,228.64  
-
72,448.62  
-
150,896.41  
56,549.62  
97,488.81  
92,961.01  
90,713.26  
140,795.15  
72,935.75  
163,798.88  
92,504.45  
-
45,493.79  
-
122,784.66  
-
131,772.91  
-
-
-
-
61,255.83  
161,560.53  
81,858.00  
104,162.32  
104,791.83  
-
-
113,770.01  
65,492.15  
114,492.49  
93,840.31  
-
-
1.60  
0.92  
1.61  
1.32  
-
91,364.66  
-
104,726.21  
-
116,260.53  
-
-
Portugal  
Argentina  
Others  
Saudi Arabia  
Iceland  
New Zealand  
Mauritania  
Finland  
Canada  
Poland  
-
-
-
-
-
-
-
-
-
-
-
742,334.66  
49,681.00  
-
49,486.86  
-
874,586.39  
75,290.15  
-
63,899.29  
-
987,449.07  
59,426.40  
-
65,343.57  
-
740,694.55  
81,588.58  
-
48,566.58  
-
830,463.30  
99,156.45  
-
63,598.12  
-
10.51  
0.90  
-
0.77  
-
10.56  
0.64  
-
0.70  
-
10.44  
1.15  
-
0.68  
10.59  
0.71  
-
0.71  
-
-
-
-
-
-
-
-
-
-
70,140.88  
-
75,464.22  
-
82,408.23  
-
88,138.14  
-
121,080.34  
-
-
0.91  
-
-
0.88  
-
-
1.24  
-
1.00  
-
-
-
-
-
-
Denmark  
Cyprus  
Chile  
Latvia  
Australia  
Brazil  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53,589.22  
214,748.20  
56,818.18  
306,525.15  
74,015.66  
290,638.34  
-
3.45  
0.64  
2.58  
-
2.58  
0.80  
4.32  
242,018.77  
241,495.45  
TOTAL  
7,010,048.60 8,323,748.48 9,350,843.42 7,095,954.40 8,189,391.53 100.00 100.00 100.00 100.00  
1/ Revised  
2/ Provisional  
The figures include BOP coverage adjustment estimates for informal/unrecorded Imports and  
shuttle trade  
114  
Source: CBN  
115  
Table 64  
Non-Oil Import by H. S. Section 1/  
(Naira Million)  
Section  
2013  
2014  
2015  
2016  
2017 /2  
01 - Live animals; animal products  
02 - Vegetable products  
350,237.33  
483,516.69  
650,500.89  
129,041.51  
578,648.45  
1,777,231.08  
833,945.84  
635,723.17  
8,213.81  
539,940.55  
432,709.83  
607,885.04  
414,900.44  
55,974.97  
890,935.90  
1,949,912.16  
675,427.73  
849,165.99  
13,317.88  
30,555.35  
176,758.68  
129,612.11  
35,521.14  
142,743.35  
1,650.64  
691,069.90  
122,653.90  
573,700.73  
2,105,826.62  
957,373.51  
626,314.32  
12,494.87  
26,276.73  
250,671.30  
152,418.00  
51,003.36  
162,590.31  
1,470.24  
670,723.51  
110,608.05  
759,207.24  
303,846.78  
1,227,318.09  
783,809.77  
13,276.62  
23,130.03  
276,222.23  
186,316.21  
74,283.01  
131,612.76  
1,538.92  
923,114.17  
143,955.47  
831,393.24  
342,414.97  
1,465,459.76  
874,439.58  
16,288.33  
29,890.96  
324,697.80  
217,200.43  
64,939.73  
102,651.30  
1,912.14  
03 - Animal or vegetable fats and oils and their cleavage products; prepared edible  
04 - Prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured  
05 - Mineral products  
06 - Products of the chemical or allied  
07 - Plastics and articles thereof; rubber and articles thereof  
08 - Raws hides and skins, leather, furskins and articles thereof; saddlery and  
09 - Wood and articles of wood; wood charcoal; cork and articles of cork;  
10 - Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper or  
11 - Textiles and textiles articles  
21,354.24  
231,331.68  
151,642.98  
37,212.57  
160,101.80  
1,380.94  
12 - Footwear, headgear, umbrellas, sun umbrellas, walking sticks, seat sticks, whips  
13 - Articles of stone, plaster,cement,asbestos, mica or similar materials; ceramic  
14 - Natural or cultured pearls, precious or semi-precious stones, precious metals,  
15 - Base metals and articles of base metal  
746,301.19  
1,788,490.01  
1,030,031.41  
80,082.51  
236.85  
968,276.72  
2,441,627.30  
1,252,653.50  
98,312.54  
82.90  
949,378.39  
2,612,741.97  
1,006,224.38  
149,644.73  
1,299.84  
745,994.96  
2,637,131.11  
807,115.02  
190,575.03  
123.50  
771,606.49  
2,924,244.13  
929,081.90  
164,858.43  
33.27  
16 - Machinery and mechanical appliances; electrical equipment; parts thereof; sound  
17 - Vehicles, aircraft, vessels and associated transport equipment  
18 - Optical, photographic, cinematographic, measuring, checking, precision, medical  
19 - Arms and ammunition; parts and accessories thereof  
20 - Miscellaneous manufactured articles  
76,884.51  
684.56  
78,018.67  
97.25  
82,815.42  
159.28  
104,642.62  
181.58  
68,658.92  
119.79  
21 - Works of art, collectors pieces and antiques  
9,439,424.71 10,538,914.51 11,076,068.34  
9,480,366.87 10,804,845.85  
1/ Revised  
2/ Provisional  
Source: CBN  
116  
Table 65  
Direction of Crude Oil Exports 1/  
Quantity (Thouand Barrels)  
Value (N Million)  
2015  
Region/Country  
2013  
13,777  
73,763  
-
-
1,853  
89,393  
9,321  
3,895  
67,836  
-
9,498  
2014  
3,046  
24,048  
2015  
8,599  
22,617  
905  
-
-
32,121  
10,647  
4,805  
53,271  
549  
2016  
23,427  
94,901  
2017 /2  
23,948  
2013  
279,101.61  
1,425,564.64  
-
-
30,379.07  
1,735,045.32  
152,846.98  
79,429.21  
1,061,466.44  
-
157,311.25  
2014  
40,938.95  
2016  
250,908.85  
1,016,403.25  
-
2017 /2  
400,210  
1,621,204  
Canada  
U.S.A  
Panama  
78,629.92  
206,800.03  
8,277.40  
-
97,010  
-
-
-
120,958  
4,026  
4,443  
17,976  
969  
996  
-
323,186.04  
-
-
-
-
-
-
Atlantic Coast  
Mexico  
SUB-TOTAL: NORTH AMERICA  
Argentina  
Uruguay  
-
-
-
-
27,094  
954  
4,750  
80,160  
-
4,799  
-
-
118,328  
3,939  
4,347  
17,585  
948  
974  
-
-
364,124.99  
-
293,707.35  
-
1,267,312.10  
42,186.56  
46,553.65  
188,341.25  
10,150.29  
10,436.13  
-
-
2,021,414.20  
67,289  
74,255  
300,412  
16,190  
16,646  
-
12,816.99  
63,839.59  
1,077,303.65  
-
64,497.99  
97,356.62  
43,934.63  
487,091.33  
5,017.52  
Brazil  
Colombia  
Peru  
Chile  
-
-
-
-
-
-
-
Puerto Rico  
Venezuela  
South America for Orders  
SUB-TOTAL: SOUTH AMERICA  
Bahamas  
-
-
-
-
1,901  
-
71,173  
-
-
-
-
-
-
-
-
17,378.96  
-
650,779.05  
-
-
-
-
-
987  
91,537  
-
-
16,178.16  
1,467,232.04  
-
-
90,664  
-
-
27,793  
-
-
28,411  
-
-
1,218,458.23  
-
297,667.88  
474,792.34  
-
-
-
-
-
Trinidad & Tobago  
SUB-TOTAL: CENTRAL AMERICA  
Virgin Island  
SUB-TOTAL: CARRIBEAN ISLAND  
OMSP Mediterranean  
Germany  
France  
Italy  
Netherlands  
Potugal  
N, WE  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,972  
54,505  
21,757  
116,339  
1,895  
999  
81,686  
35,874  
-
-
6,774  
997  
-
2,697  
-
-
11,468  
-
-
1,001  
950  
-
905  
-
10,482  
38,948  
16,222  
50,834  
1,974  
-
56,647  
33,204  
-
-
650  
592  
-
-
-
10,715  
39,814  
16,583  
51,964  
2,018  
-
57,907  
33,943  
-
-
665  
605  
-
-
-
127,756.19  
498,380.34  
198,940.16  
1,063,765.63  
17,328.03  
9,137.31  
746,912.51  
328,024.36  
-
-
61,937.98  
9,114.27  
-
112,263.57  
417,143.63  
173,739.63  
544,435.84  
21,146.06  
-
606,704.17  
355,625.42  
-
-
6,966.87  
6,340.79  
-
-
179,065  
665,361  
277,122  
868,397  
33,729  
-
967,718  
567,237  
-
-
11,112  
10,114  
-
-
15,011  
42,958  
56,325  
84,954  
5,777  
1,647  
50,072  
41,651  
-
17,595  
49,384  
35,395  
101,954  
7,918  
948  
79,648  
31,488  
-
263,838.86  
712,553.20  
845,651.82  
1,547,134.51  
141,623.44  
22,908.74  
858,866.01  
740,948.16  
-
236,464.67  
663,693.75  
475,686.33  
1,370,188.89  
106,412.91  
12,743.20  
1,070,411.14  
423,176.55  
-
Spain  
United Kingdom  
Switzerland  
Scotland  
Denmark  
Ireland  
Bulgaria  
Turkey  
Malta  
WESTERN EUROPE  
Sweden  
Belgium  
Croatia  
Norway  
Lithuania  
Poland  
EUROPE FOR ORDERS  
SUB-TOTAL EUROPE  
Australia  
New Zealand  
SUB-OCEANIA/PACIFIC  
Japan  
-
-
-
-
7,633  
2,498  
-
3,877  
-
4,745  
905  
220  
10,792  
907  
-
11,483  
-
565  
600  
109,616.86  
14,751.88  
-
63,773.21  
12,157.27  
2,953.44  
145,033.45  
12,185.69  
-
154,323.22  
-
7,596.63  
8,063.61  
-
24,662.57  
31,574.99  
-
-
-
-
-
-
-
-
13,608  
-
-
400  
-
1,555  
-
225,118  
545  
-
545  
-
133,439  
29,867  
-
-
6,420  
7,198  
-
2,850  
-
-
13,911  
-
-
409  
-
1,589  
-
230,122  
557  
-
557  
-
136,405  
30,531  
-
-
6,563  
7,358  
-
2,913  
-
-
185,412.25  
-
104,855.33  
-
145,748.08  
-
232,474  
12,240  
-
-
1,834  
-
-
-
-
-
-
9,154.19  
8,683.20  
-
8,274.33  
-
4,283.02  
-
16,651.50  
-
2,411,048.57  
5,834.14  
-
5,834.14  
-
1,429,151.14  
319,875.87  
-
-
68,759.02  
77,096.62  
-
6,832  
-
26,560  
36,045.21  
-
326,477  
16,964  
-
16,964  
1,027  
108,577  
25,737  
-
-
354,546  
10,390  
-
10,390  
-
136,420  
35,137  
-
-
5,510,925.93  
264,835.23  
-
264,835.23  
-
1,715,271.86  
361,184.22  
-
-
111,657.92  
46,790.80  
62,441.19  
-
4,764,863.96  
139,630.41  
-
139,630.41  
-
1,833,392.90  
472,221.31  
-
12,321.90  
-
3,845,720.24  
9,306  
-
9,306  
-
2,279,554  
351,820  
-
3,216,926.38  
-
-
-
-
-
-
-
1,424,594.38  
236,597.58  
-
India  
Indonesia  
Korea  
Taiwan  
China  
Singapore  
Thailand  
Malaysia  
155,801  
25,876  
-
510,215  
-
-
109,673  
122,972  
-
48,686  
-
948  
917  
-
-
7,780  
3,203  
5,705  
-
-
-
11,412  
2,306  
6,127  
949  
-
-
10,558  
6,061  
649  
5,928  
-
153,373.46  
30,986.74  
82,336.96  
12,750.04  
96,535.93  
55,422.49  
5,930.57  
54,204.35  
-
-
30,523.07  
-
-
-
Israel  
U.A.E  
-
-
-
-
-
-
-
-
-
OMSP (S) ASIA  
SUB-TOTAL: ASIA & FAR EAST  
Ghana  
Cote D'Ivoire  
Senegal  
Cameroun  
-
-
1,996  
206,868  
2,799  
22,980  
10,772  
8,787  
-
-
179,774  
6,618  
16,513  
10,607  
10,418  
-
-
183,770  
6,765  
16,880  
10,843  
10,650  
-
-
2,297,345.99  
145,762.64  
377,516.65  
107,392.65  
208,624.56  
-
2,597,383.31  
66,389.51  
297,060.62  
78,489.59  
173,249.66  
-
18,246.78  
1,891,532.08  
25,593.26  
210,122.74  
98,496.32  
80,348.70  
-
-
1,925,405.72  
70,877.95  
176,851.97  
113,600.77  
111,579.18  
-
3,071,100.19  
152,977  
9,240  
5,210  
5,496  
20,177  
-
193,267  
4,940  
22,104  
5,840  
12,891  
-
113,053  
282,086  
181,198  
177,973  
Mediterranean  
Morocco  
-
-
-
-
-
-
-
-
-
-
-
-
-
Equitorial Guinea  
Benin Republic  
South Africa  
WAF For Others  
Tunisia  
Gulf of Guinea  
Angola  
Togo  
Cape Verde  
Others  
SUB-TOTAL: AFRICA  
TOTAL  
-
-
950  
51,149  
-
-
-
-
-
-
-
-
-
-
-
-
-
30,503  
14,071  
-
-
546,248.58  
-
12,764.50  
687,406.48  
-
-
464,323.08  
-
4,702.28  
-
-
740,614  
-
7,500  
56,773  
1,995  
900  
906  
948  
2,847  
-
-
43,353  
-
439  
-
-
2,895  
1,973  
1,063  
93,879  
645,435  
44,317  
-
449  
-
-
2,960  
2,017  
1,086  
95,966  
659,784  
519,113.99  
18,239.76  
8,226.84  
8,283.91  
8,670.68  
26,036.54  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31,009.11  
21,129.78  
11,380.91  
1,005,455.03  
49,461  
33,703  
18,153  
1,603,741.54  
-
84,697  
762,045  
97,874  
773,834  
109,708  
771,690  
1,385,545.07  
12,660,929.59  
1,315,360.36  
10,399,821.26  
1,003,132.73  
7,056,077.59  
6,912,723.44 11,026,074.20  
1/ Revised  
2/ Provisional  
Source: The figures are compiled from various editions of the NNPC Annual Statistics Bulletin  
117  
Table 66  
Non-Oil Exports by Products 1/  
(Naira Million)  
% Share in Total  
2015  
Product  
2013  
2014  
2015  
2016  
2017 /2  
2013  
2014  
2016 2017 /2  
(1) Agricultural Produce  
Cashew Nuts  
Cocoa Beans  
Coffee  
Cotton  
Cow Horn/Bones  
Fish & Crustaceans  
Ginger  
Groundnuts  
Gum Arabic  
Rubber  
Sesame Seeds  
Other Agricultural Products  
(2) Minerals  
Copper  
Lead  
Manganese  
Quartz  
Zinc  
Zirconium  
Other Minerals  
(3) Semi-Manufactured  
Aluminium  
Cocoa Products  
Copper  
Cotton Products  
Furniture/Processed Wood  
Lead  
Leather & Processed Skins  
Palm Products  
Poly Products  
Steel/Iron  
Textured Yarn/Polyester  
Tin  
448,725.20  
22,556.79  
203,841.61  
-
21,205.07  
129.10  
19,819.54  
5,365.36  
2,623.10  
11,928.06  
45,128.66  
107,556.41  
8,571.52  
3,533.31  
61.86  
2,290.96  
-
-
663.29  
145.11  
372.09  
327,232.96  
33,018.97  
40,066.01  
23,583.38  
2,038.68  
925.79  
13,292.21  
176,233.23  
1,982.85  
5,190.82  
5,174.57  
2,514.17  
15,421.40  
704.13  
413,501.96  
26,307.61  
182,992.86  
13.82  
6,516.75  
356.95  
19,215.70  
8,248.01  
38.47  
1,661.56  
24,133.13  
134,006.36  
10,010.74  
5,415.86  
148.73  
3,553.24  
9.41  
15.53  
788.90  
99.72  
800.32  
334,422.34  
29,147.05  
46,973.62  
21,095.67  
1,936.17  
1,346.58  
16,098.39  
168,203.98  
786.39  
3,341.12  
1,251.08  
1,461.46  
36,227.71  
764.73  
331,199.77  
19,170.50  
141,789.33  
-
5,062.31  
417.14  
24,757.04  
10,206.33  
2.32  
1,258.86  
19,082.42  
100,586.36  
8,867.16  
4,416.03  
27.18  
270,555.79  
17,565.94  
130,422.01  
56.63  
476.92  
165.08  
32,002.85  
4,763.41  
397.27  
336,374.97  
46,666.56  
111,595.79  
-
2,050.21  
93.18  
29,136.26  
3,587.89  
3,514.05  
560.57  
35,074.37  
78,884.40  
25,211.71  
20,262.29  
32.82  
39.70  
2.00  
18.04  
-
43.24  
2.75  
19.14  
0.00  
0.68  
0.04  
2.01  
0.86  
0.00  
0.17  
2.52  
14.01  
1.05  
0.57  
0.02  
0.37  
0.00  
0.00  
0.08  
0.01  
0.08  
34.97  
3.05  
4.91  
2.21  
0.20  
0.14  
1.68  
17.59  
0.08  
0.35  
0.13  
0.15  
3.79  
0.08  
0.05  
0.55  
17.05  
1.04  
0.03  
0.81  
0.02  
0.12  
-
0.11  
0.49  
0.02  
0.07  
0.76  
0.71  
0.19  
0.07  
1.99  
2.27  
0.43  
0.11  
0.25  
3.94  
0.10  
3.52  
4.17  
0.12  
0.19  
-
48.94  
2.83  
20.95  
-
40.03  
2.60  
19.30  
0.01  
0.07  
0.02  
4.73  
0.70  
0.06  
0.13  
2.94  
8.59  
0.87  
0.76  
-
31.30  
4.34  
10.38  
-
0.19  
0.01  
2.71  
0.33  
0.33  
0.05  
3.26  
7.34  
2.35  
1.88  
0.01  
1.75  
0.47  
0.23  
1.06  
3.99  
9.52  
0.76  
0.31  
0.01  
0.20  
-
0.75  
0.06  
3.66  
1.51  
0.00  
0.19  
2.82  
14.86  
1.31  
0.65  
0.00  
0.32  
0.03  
-
889.56  
19,858.53  
58,050.46  
5,907.13  
5,141.80  
-
933.51  
2,111.12  
-
1,164.69  
288.33  
644.14  
143,715.30  
17,416.26  
35,056.66  
882.13  
1,981.13  
9,900.91  
12,333.11  
25,377.76  
2,848.93  
19,272.38  
2,685.59  
200.97  
0.00  
0.10  
0.01  
0.01  
0.26  
0.02  
1.47  
20.16  
1.80  
3.52  
0.12  
0.13  
1.46  
1.37  
2.56  
0.55  
2.85  
1.03  
0.04  
-
0.78  
0.04  
3.91  
13.87  
-
0.02  
1.18  
0.01  
0.08  
-
0.14  
0.34  
0.01  
0.02  
0.65  
0.33  
0.15  
0.04  
0.95  
0.19  
0.60  
0.13  
0.01  
6.05  
0.04  
2.93  
32.79  
1.68  
0.53  
-
2,139.39  
211.33  
1,098.96  
160.87  
77.45  
2,816.03  
239.16  
0.14  
0.31  
-
-
-
1,095.73  
181.31  
761.09  
0.06  
0.01  
0.03  
28.95  
2.92  
3.54  
2.09  
0.18  
0.08  
1.18  
15.59  
0.18  
0.46  
0.46  
0.22  
1.36  
0.06  
0.03  
0.59  
12.81  
1.19  
0.02  
0.62  
0.01  
0.11  
-
0.16  
0.03  
0.11  
22.96  
2.98  
5.01  
0.64  
0.27  
0.21  
2.10  
7.32  
0.05  
0.33  
0.04  
0.01  
2.90  
0.52  
0.06  
0.51  
19.91  
0.23  
0.06  
1.16  
0.02  
0.16  
0.01  
0.19  
0.75  
0.03  
0.03  
0.69  
0.77  
0.16  
0.12  
1.82  
1.75  
1.12  
0.32  
0.08  
5.87  
0.17  
4.39  
7.54  
0.63  
0.57  
-
0.17  
0.04  
0.10  
21.26  
2.58  
5.19  
0.13  
0.29  
1.46  
1.82  
3.75  
0.42  
2.85  
0.40  
0.03  
-
1.21  
0.04  
1.08  
22.12  
0.09  
0.07  
1.64  
0.01  
0.20  
-
0.05  
0.90  
0.01  
0.01  
1.00  
0.55  
0.13  
0.08  
1.41  
0.19  
1.26  
0.37  
0.02  
9.45  
0.04  
4.64  
15.83  
2.43  
0.22  
0.02  
2.71  
5.08  
0.56  
4.34  
0.46  
15,837.01  
216,727.35  
19,394.39  
37,886.55  
1,285.62  
1,364.82  
15,727.70  
14,767.97  
27,502.92  
5,862.93  
30,582.19  
11,098.78  
419.14  
155,379.29  
20,180.74  
33,890.35  
4,341.92  
1,831.25  
1,429.83  
14,227.80  
49,572.78  
335.15  
2,234.00  
272.31  
38.75  
19,651.13  
3,494.17  
432.62  
3,446.49  
134,767.69  
1,530.82  
409.37  
7,826.85  
148.20  
1,097.90  
68.97  
1,319.32  
5,057.75  
220.06  
-
-
Wheat Bran Pellets  
Zinc  
8,184.81  
300.60  
7,274.09  
149,503.55  
624.29  
497.92  
11,104.42  
83.68  
1,366.99  
-
324.58  
6,098.94  
98.92  
85.89  
6,728.00  
3,711.46  
851.03  
8,370.00  
440.13  
42,024.20  
149,048.33  
-
362.55  
501.71  
Other Semi-Manufactured Products  
(4) Manufactured  
Aluminium Products  
Asbestos Products  
Beer/Beverages  
Carpet/Rug  
Copper  
Confectionery  
Electrical  
6,724.20  
144,803.15  
13,455.04  
202.47  
7,030.23  
117.78  
5,286.67  
163,082.01  
9,970.72  
321.01  
7,769.53  
191.72  
1,193.12  
-
1,023.97  
4,665.35  
210.42  
233.74  
12,702.44  
123.41  
814.42  
1,274.29  
-
-
-
1,536.88  
3,623.44  
127.08  
-
Empty Bottles  
Furniture  
Glass  
4,333.84  
301.25  
623.39  
0.38  
0.03  
0.06  
0.51  
0.55  
0.10  
(0.01)  
1.39  
1.66  
0.32  
0.07  
0.28  
2.96  
0.07  
2.50  
18.22  
0.04  
0.15  
-
691.78  
176.22  
204.41  
Insecticide  
5,725.05  
6,201.36  
1,140.27  
(135.72)  
15,673.89  
18,711.63  
3,666.46  
832.21  
3,172.32  
33,467.73  
750.20  
28,259.45  
205,931.69  
461.41  
1,709.89  
-
161,351.97  
5,708.15  
352.75  
16,243.76  
20,103.76  
1,130,226.32  
7,261.09  
6,809.48  
1,777.48  
637.85  
19,006.49  
21,703.24  
4,144.69  
1,022.54  
2,415.31  
37,634.14  
944.61  
33,687.47  
39,854.94  
1,187.72  
1,777.99  
-
1,245.81  
2,358.95  
1,201.01  
19,663.65  
12,419.81  
956,277.11  
4,701.35  
5,243.77  
1,055.55  
789.86  
12,345.65  
11,867.71  
7,601.77  
2,175.92  
531.31  
39,727.66  
1,135.19  
29,736.49  
51,004.83  
4,286.91  
3,856.42  
-
1,196.39  
10,419.41  
4,314.64  
25,420.03  
1,511.03  
676,767.61  
6,995.05  
3,570.99  
1,612.50  
395.04  
10,201.76  
2,060.16  
6,430.97  
1,383.25  
123.30  
Milk Products  
Paper Products  
Pharmaceuticals  
Plastic  
Plastic Footwear  
Soap & Detergents  
Steel/Iron Products  
Textiles  
Tobacco  
Vehicles  
Other Manufactured Products  
(5) Other Exports  
Cement/Lime Products  
Charcoal  
511.12  
9,511.46  
1,295.08  
8,501.63  
2,503.61  
122.47  
63,874.77  
259.58  
65,011.33  
433.77  
31,347.70  
106,992.11  
16,445.52  
1,481.51  
125.92  
18,315.15  
34,342.21  
3,788.05  
29,359.80  
3,133.96  
675,908.56  
31,464.40  
352,386.10  
18,087.95  
5,696.25  
-
193,271.48  
96,474.19  
1,556.01  
34,280.23  
3,019.99  
Fertilizer  
Petroleum Products  
Urea  
Used/Re-Exported Machinery  
Electricity  
14.28  
0.51  
0.03  
1.44  
1.78  
0.13  
0.25  
0.13  
2.06  
1.30  
0.18  
1.54  
0.64  
3.76  
0.22  
17.98  
8.98  
0.14  
3.19  
0.28  
Other Products  
TOTAL  
1,074,799.05 100.00 100.00 100.00 100.00 100.00  
1/ Revised  
2/ Provisional  
The figures include estimates made for informal/unrecorded exports  
118  
Source: CBN  
119  
Table 67  
Top 100 Non-Oil Exporters in Nigeria in 2017  
S/N  
EXPORTER  
FOB VALUE (USD)  
EXPORTED PRODUCT  
DESTINATION  
BENSON & HEDGES LIBERIA CIGARETTES, GLADSTONE FF CIGARETTES, LONDON  
KING SIZE, STATE EXPRESS 555, CRAVEN A FF KSHL 20 KSHL 20 UV_IB CIGARETTES  
NIGERIAN SESAME SEEDS (DHS), GOOD FERMENTED SUPERIOR GRADE NIGERIAN  
COCOA BEANS  
LIBERIA, GUINEA, GHANA, CAMEROUN, COTE D'IVOIRE,  
NIGER  
INDIA, NETHERLANDS, POLAND, SYRIA, UNITED KINGDOM,  
SINGAPORE, TURKEY, JORDAN, POLAND, JAPAN  
URUGUAY, BRAZIL, ARGENTINA  
NETHERLANDS, CHINA (TAIWAN), UNITED STATES OF  
AMERICA, VIETNAM  
NETHERLANDS, MEXICO, SPAIN  
145,475,413.80  
1 BRITISH AMERICAN TOBACCO NIGERIA LIMITED  
110,892,866.77  
69,814,745.50  
38,397,623.21  
32,600,752.50  
2 OLAM NIGERIA LIMITED  
3 INDORAMA ELEME FERTILIZER & CHEMICALS LTD.  
GRANULAR UREA IN BULK  
SEA FROZEN SHRIMPS AND CRABS  
4 ATLANTIC SHRIMPERS LIMITED  
5 TULIP COCOA PROCESSING LIMITED  
NIGERIAN COCOA CAKE, PURE PRIME PRESSED NIGERIAN COCOA BUTTER  
INDOMIE INSTANT NOODLES HMS ONION FLAVOUR (210G), INDOMIE NOODLES  
ORIENTAL FRIED AND INSTANT NOODLES PEPPER CHICKEN JUMBO, NOODLE  
CHICKEN FLAVOUR MINIMIE (70G)  
GREY ORDINARY DANGOTE PORTLAND LIMESTONE CEMENT CEM II/A-L 42.5R  
TECHNICALLY SPECIFIED NATURAL RUBBER (TSNR) PROCESSED RENL 20  
ALUMINIUM ALLOY INGOT AD 12.1, PURE LEAD INGOTS, ALUMINIUM ALLOY INGOT  
AV 87  
30,568,427.10  
GHANA, CAMEROON, UNITED STATE OF AMERICA  
6 DE UNITED FOODS INDUSTRIES LIMITED  
7 DANGOTE CEMENT PLC  
8 RUBBER ESTATES NIGERIA LIMITED  
21,496,930.52  
20,392,842.73  
NIAMEY, NIGER REPUBLIC, TOGO, GHANA  
SPAIN, FRANCE, ITALY, POLAND SPAIN, SINGAPORE  
19,944,300.86  
18,768,075.04  
17,330,819.99  
SOUTH KOREA, JAPAN, INDONESIA, JAPAN, UAE, THAILAND  
TURKEY, GREECE, JAPAN,  
9 SFURNA GLOBAL LIMITED  
10 ETC AGRO COMPANY NIGERIA LIMITED  
NIGERIAN SESAME SEEDS  
NIGERIAN SESAME SEEDS, NIGERIAN GINGER, NIGERIAN PREMIUM QUALITY HULLED  
SESAME SEEDS  
NETHERLANDS, ITALY POLAND, TURKEY, JAPAN, INDIA  
11 WACOT LIMITED  
NGL020FG C-LINEAR, OFF SPEC FILM GRADE NORMAL PACKAGE, RAMAPET PET  
GRADE S1  
PRINTED CEMENT SACKS (S50 X 69 X 11CM), PRINTED LAMINATED CEMENT SACKS  
(BAGS)  
NIGERIAN DRIED CHILI, NIGERIAN DRY SHEA NUT, NIGERIAN SESAME SEEDS  
INSECTICIDES, ANTISEPTIC, SOAP AND MACHINE OIL, RAMBO AEROSOL  
INSECTICIDES-300ML, MOSQUITO COILS (NIS & DOUBLE) INSECTICIDES  
GUINNESS FES - 600ML, 325 ML, MALTA GUINNESS (330ML)  
EMPTY (330ML) SAVANNA BOTTLES, EMPTY (330ML) HUNTERS-FLINT (NEW)  
BOTTLES, EMPTY  
16,156,382.00  
GHANA, INDIA, GREECE, SPAIN, PORTUGAL  
DJIBOUTI, ETHOPIA, GHANA, SIERRA LEONE  
12 INDORAMA ELEME PETROCHEMICALS LTD.  
15,559,607.01  
15,346,736.83  
15,161,706.43  
15,060,692.26  
14,134,987.98  
12,911,431.50  
11,147,700.13  
9,816,233.94  
9,748,332.37  
8,861,140.17  
13 DANGOTE AGROSACKS LIMITED  
14 ENKAY INDO-NIGERIAN INDUSTRIES LIMITED  
NETHERLANDS, CHINA, MOROCCO, UAE, TURKEY  
GABON, COTE D'IVOIRE, MALI, BAMAKO, MALI, TOGO UNITED  
KINGDOM  
15 GONGONI COMPANY LIMITED  
16 GUINNESS NIGERIA PLC  
UNITED KINGDOM, GHANA, CAMEROON  
SIERRA LEONE, GHANA, LIBERIA, CAPE VERDE  
AMSTERDAM, BELGIUM, NETHERLANDS  
17 BETA GLASS PLC  
18 NNPC/PPMC  
NAPHTHA  
RECYCLED POLYPROPYLENE BLACK, WHEAT BRAN PELLETS, NIGERIAN DRIED RAW  
CASHEW NUTS IN SHEKL, AXISLL PLASTIC PVC VALVE BAGS  
TECHNICALLY SPECIFIED NATURAL RUBBER (TSNR PROCESSED) NOKO 10  
COCOA BUTTER, CONFECTIONARIES, (TOM TOM HONEY, LEMON, CLASSIC AND  
STRAWBERRY), COCOA CAKE (ALKALISED)  
NIGERIAN RAW CASHEW NUTS, NIGERIAN COCOA BEANS  
SOAP AND LOTION, COSMETICS, BEAUTY CARE (BABY & HAIR) AND TOILET SOAP,  
VARIOUS BABY & SKIN CARE PRODUCTS, ROBB OINTMENT AND OLYMPIC  
EVAPORATED MILK  
FROZEN SHRIMPS, SOLE FILLET AND CRAB CLAWS/CLUSTERS  
NIGERIAN RAW COCOA BEANS (2015/2016 MAIN CROP), GOOD FERMENTED  
NIGERIAN RAW COCOA BEANS (2015/2016 CROP)  
MAGGI SEASONING AND MAGGI CHICKEN SEASONING POWDER (18X450G), MAGGI  
CUBE STAR 21X400G(140Z) US  
UNITED STATES OF AMERICA, MOROCCO, VIETNAM  
FRANCE, GERMANY, ITALY, SINGAPORE, FINLAND  
NETHERLANDS, GHANA, GERMANY, SPAIN.  
VIETNAM, SPAIN, NETHERLANDS  
19 FLOUR MILLS OF NIGERIA PLC  
20 THE OKOMU OIL PALM COMPANY PLC.  
21 CADBURY NIGERIA PLC  
22 M+AZEEZCO INTERNATIONAL LIMITED  
GHANA, LIBYA, CONGO, MALI, SUDAN, GABON, TOGO, COTE  
D'IVOIRE  
8,582,770.88  
23 PZ CUSSONS NIGERIA PLC  
24 OLOKUN (PISCES) LIMITED  
8,254,557.88  
8,167,600.50  
BELGIUM, FRANCE  
NETHERLANDS, GERMANY, INDONESIA  
25 OLATUNDE INTERNATIONAL LIMITED  
26 NESTLE NIGERIA PLC  
8,131,388.48  
8,130,087.59  
GHANA, USA, SPAIN, GHANA, MALI, NIGER, GUINEA  
GHANA, COTE D'IVOIRE  
OMO MULTIACTIVE RELAUNCH POWDER AND SUNLIGHT SENSATION PINK  
(CHEETAH) 10X1KG  
27 UNILEVER NIGERIA PLC  
NIGERIAN NATURAL COCOA CAKE, UTZ CERTIFIED PURE PRIME PRESSED NIGERIAN  
COCOA BUTTER  
CRUST LEATHER (SHEEP AND GOAT SKINS) GRADES FIVE, SIX AND TR  
7,807,459.10  
7,360,770.38  
7,307,671.74  
NETHERLANDS, GERMANY, FRANCE SPAIN  
28 PLANTATION INDUSTRY LIMITED  
29 UNIQUE LEATHER FINISHING CO. LIMITED  
ITALY, GLASCOW-SCOTLAND  
CONGO, DEMOCRATIC REPUBLIC OF THE, KENYA, UGANDA,  
ZIMBABWE  
HUGGIES DRY COMFORT DIAPERS (VARIOUS SIZES)  
30 KCSSA WEST AFRICA LIMITED  
31 AGRICO-AGBE LIMITED  
32 STANDARD METALLURGICAL COMPANY LIMITED  
6,808,790.68  
6,582,543.22  
REMELTED LEAD INGOTS  
CHINA  
REINFORCEMENT STEEL BARS (IRON ROD), COCOA BEANS  
BRANDED ALUMINUM CANS (FANTA ORANGE 33CL) AND SILVER CAN LIDS, EMPTY  
500ML DRAGON ENERGY  
GUINEA, BELGIUM, GERMANY  
6,504,441.51  
BENIN, SOUTH AFRICA, TOGO  
33 GZ INDUSTRIES LIMITED  
120  
Table 67 Cont’d  
Top 100 Non-Oil Exporters in Nigeria in 2017  
121  
S/N  
EXPORTER  
FOB VALUE (USD)  
EXPORTED PRODUCT  
DESTINATION  
34 ROM
 
OIL MILLS LIMITED  
35 SINO MINMENTALS COMPANY LIMITED  
6,255,470.84  
6,220,443.99  
NIGERIAN SOLVENT EXTRACTED SOYA BEANS MEALS, NIGERIAN SOY BEAN MEAL  
MANGANESE ORE  
MOROCCO, GHANA, PORTUGAL  
CHINA  
UNITED STATES OF AMERICA, SOUTH AFRICA, UNITED  
KINGDOM KINGDOM  
NIGERIAN PALM KERNEL CAKE, GOOD FERMENTED NIGERIAN COCOA BEANS- CROP SOUTH AFRICA, NETHERLANDS, BELGIUM, SOUTH AFRICA,  
5,875,573.74  
5,602,590.50  
100% SYNTHETIC HAIR GOODS (SB X-PRESSION BRAID) NOW  
36 LINDA MANUFACTURING CO. LIMITED  
37 BOLAWOLE ENTERPRISES NIG. LIMITED  
38 SPRINGFIELD AGRO LIMITED  
39 ORC FISHING & FOOD PROCESSING LIMITED  
40 VAKOREDE NIGERIA LIMITED  
41 EVEREST METAL NIGERIA LIMITED  
42 AGRO TRADERS LIMITED  
2015  
GHANA  
5,499,461.05  
5,176,928.08  
4,933,956.00  
4,849,322.09  
4,670,874.80  
NATURAL WHITE SESAME SEEDS, DRIED RAW CASHEW NUTS IN SHELL  
PROCESSED SHRIMPS  
TURKEY, VIETNAM, TURKEY, INDIA  
FRANCE, NETHERLANDS  
CHINA, VIETNAM, INDIA  
GERMANY, JAPAN  
NIGERIAN RAW CASHEW NUTS IN SHELL, PIGEON PEAS  
LEAD CONCENTRATE, ALUMINIUM INGOT, SECONDARY ALUMINIUM INGOT  
UTZ CERTIFIED NIGERIAN RAW COCOA BEANS (2015/2016 MAIN CROP)  
REMELTED COPPER INGOTS, ALUMINIUM INGOT, ALUMINIUM INGOTS ADC 12  
GRADE  
NIGERIAN CASHEW KERNELS, CASHEW NUTS IN SHELL, SESAME SEEDS  
REMELTED LEAD INGOTS, ALUMINIUM INGOTS, REFINED LEAD INGOTS  
COCOA BUTTER  
NETHERLANDS, GERMANY  
4,640,451.14  
JAPAN, CHINA, SOUTH KOREA  
43 METAL RECYCLING INDUSTRIES LIMITED  
44 VALENCY CASHEW PROCESSING LIMITED  
45 LLOYDS INDUSTRIES LIMITED  
46 FTN COCOA PROCESSORS LIMITED.  
47 WEST AFRICAN TANNERY COMPANY LIMITED  
4,507,678.59  
4,330,665.65  
3,987,868.30  
3,976,602.03  
VIETNAM, UNITED STATES OF AMERICA, GERMANY, INDIA  
ITALY, THAILAND, JAPAN, SOUTH KOREA, ITALY  
GERMANY,. UNITED STATES OF AMERICA  
CRUST/FINISHED GOAT AND SHEEP LEATHER A-655  
FULL CREAM MILK POWDER PEAK (12X400G), FULL CREAM UNSWEETENED  
EVAPORATED PEAK MILK (96X30G) SACHETS  
CHINA, HONG KONG, INDIA, ITALY, CHENNAI, LEGHORN  
3,866,382.50  
GHANA, SIERRA LEONE  
48 FRIESLAND CAMPINA WAMCO NIGERIA PLC  
PAMPERS BABY DIAPERS (VARIOUS SIZES ), ARIEL DETERGENT (12 X 500G AND 8X  
1KG)  
FROZEN SHRIMPS AND CRAB CLAWS/CLUSTERS  
3,683,987.99  
3,557,531.78  
3,321,875.00  
CÔTE D’IVOIRE, SENEGAL GHANA  
BELGIUM, PORTUGAL, BELGIUM, SPAIN  
CHINA  
49 PROCTER & GAMBLE NIGERIA LIMITED  
50 BANARLY (NIGERIA) LIMITED  
GOLDEN MANGO INTERNATIONAL TRADE COMPANY  
51 LIMITED  
NIGERIAN COCOA BEANS (MAIN CROP 2016),COCOA LIQUOR  
52 FATA TANNING LIMITED  
53 AFRICAN FOUNDRIES LIMITED  
54 ALKEM
 
NIGERIA LIMITED  
3,277,571.26  
3,000,779.33  
2,978,621.13  
FINISHED GOAT AND SHEEP LEATHER A-128 AND 129  
REINFORCING STEEL RE-BARS - TIGER & LION (VARIOUS SIZES)  
POLYETHYLENE TEREPHTHALATE FLAKES - CLEAR / BLUE  
ITALY,CHINA,HONG KONG,LEGHORN,ITALY,PORTUGAL  
GUINEA,BENIN,NIGER  
UNITED STATES OF AMERICA,INDIA,TURKEY,GERMANY  
SOUTH AFRICA,INDIA,LITHUANIA,UNITED  
KINGDOM,GERMANY,MALAYSIA  
ITALY,INDIA,CHENNAI,MILAN, MADRID,SPAIN  
PORTUGAL,BULGARIA,EGYPT,POLAND  
BELGIUM  
BELGIUM  
SPAIN  
NETHERLANDS  
2,903,172.76  
PROCESSED RUBBER (NSR 10)  
55 ENGHUAT INDUSTRIES LIMITED  
56 MAMUDA INDUSTRIES (NIG) LIMITED  
57 SUNFLAG (NIGERIA) LIMITED  
58 SEABLESS FISHING CO. LIMITED  
59 CRISWEL EQUITY NIGERIA LIMITED  
60 JOSANIK PRODUCTS LIMITED  
61 KARFLEX FISHERIES LIMITED  
2,794,427.00  
2,748,135.30  
2,704,255.88  
2,297,000.00  
2,156,770.00  
2,094,552.87  
PROCESSED, FINISHED LEATHER  
100% COTTON YARN NE 10/1 OE WEAVING RAW WHITE  
FROZEN SHRIMPS, CRABS, CUTTLE AND SOLE FISH  
GOOD FERMENTED NIGERIAN COCOA BEANS (MAIN CROP 2015/2016)  
GOOD FERMENTED NIGERIAN COCOA BEANS (MAIN CROP 2014/2015)  
FROZEN SHRIMPS AND CRAB CLAWS  
COPPER INGOT,ALUMINIUM INGOT,PROCESSED WOOD (FURNITURE  
COMPONENTS),CASHEW NUT  
2,090,108.76  
CHINA,VIETNAM  
62 RYANOBI LOGISTICS LIMITED  
63 SEVEN-UP BOTTLING COMPANY PLC  
64 AKEEM
 
& KAMORU (NIG.) LIMITED  
65 WEST AFRICAN RUBBER PRODUCTS (NIG) LIMITED  
66 AFRICAN NONFERROUS INDUSTRIES LIMITED  
67 COCOA PRODUCTS (ILE-OLUYI) LIMITED  
1,930,252.91  
1,919,086.50  
1,914,991.51  
1,881,578.55  
1,634,582.70  
VARIOUS CARBONATED SOFT DRINKS  
GOOD FERMENTED NIGERIAN COCOA BEANS  
BATHROOM SLIPPERS  
LEAD INGOT  
NIGERIAN COCOA BUTTER  
SIERRA LEONE,GHANA,TANZANIA  
NETHERLANDS  
GHANA,TOGO  
ITALY,UAE,INDONESIA,SOUTH KOREA  
GERMANY,NETHERLANDS  
Table 67 Cont’d  
122  
Top 100 Non-Oil Exporters in Nigeria in 2017  
S/N  
EXPORTER  
FOB VALUE (USD)  
EXPORTED PRODUCT  
DESTINATION  
68 MINL LIMITED  
69 MATHS METALS RECYCLING LIMITED  
1,607,100.60  
1,557,028.90  
ALUMINIUM ALLOY INGOTS (BASE METAL)  
ALUMINIUM ALLOY INGOT ADC - 12  
JAPAN,INDIA  
INDIA  
FULL CHROME SHEEP BLACK CRUST LEATHER & GOAT SUEDE, NATURAL COLOR  
LEATHER  
MUMBAI AIRPORT INDIA,UNITED ARAB  
EMIRATE,CHINA,VIETNAM  
MEXICO, POLAND, CROATIA, PERU, LATVIA, MOROCCO, UAE  
INDIA, SPAIN, UAE, MOROCCO  
1,506,882.19  
70 TATA AFRICA SERVICES (NIGERIA) LIMITED  
71 TOON CONSOLIDATED COMPANY LIMITED  
72 CENTURY EXPORTS LIMITED  
1,212,400.00  
1,202,600.00  
1,161,639.82  
NIGERIAN DRIED SPLIT GINGER, GUM ARABIC, DRIED HIBISCUS  
NIGERIAN DRIED GINGER, TUMERIC, RAW CASHEW NUTS  
NIGERIAN RAW CASHEW NUTS, WHITISH SESAME SEED  
FLEXIBLE PACKAGING MATERIAL - LAMINATE NIDO ESS RV 26 G, RV 14 G AND RV 365  
G, UNPRINTED POLYESTER FILM  
73 TIME LINE LIMITED  
VIETNAM, CHINA, IRAN  
1,150,707.18  
GHANA, BAHRAIN, CAMEROON  
74 ABVEE INDUSTRIES LIMITED  
75 SARO AGRO ALLIED LIMITED.  
76 CEMENT COMPANY OF NORTHERN NIGERIA PLC  
77 LEAF TOBACCO & COMMODITIES (NIG.) LIMITED  
1,150,000.00  
1,149,996.00  
1,143,410.33  
COCOA BEANS - UTZ CERTIFIED  
GREY SOKOTO PORTLAND CEMENT CEM II/A-L 42.5N  
PETERFIELD MENTHOL CIGARETTES, YES, SUPERMATCH  
ESTONIA, NETHERLANDS, MALAYSIA, SPAIN  
NIAMEY, NIGER REPUBLIC  
BURKINA FASO, COTE D'VOIRE, REPUBLIC OF BENNIN  
1,083,282.65  
DAIRY PRODUCTS - HOLLANDIA YOGHURT (PLAIN SWEETENED AND STRAWBERRY) CÔTE D’IVOIRE, GHANA, MALI, TOGO,  
78 CHI LIMITED  
79 TRIPPLESEA LIMITED  
994,454.50  
980,840.00  
980,810.64  
980,120.20  
972,903.78  
957,927.22  
914,778.36  
900,000.00  
897,200.00  
870,398.20  
868,153.45  
862,400.00  
853,795.83  
MICA SCRAP  
SOYA BEAN MEAL  
NON-GMO NIGERIAN SOYABEANS  
NIGERIAN RAW COTTON (2015/2016 CROP)  
POWDER, PERFUME, DEODORANT AND HAIR FOOD  
RAW CASHEW NUT  
NIGERIAN COCOA BEANS  
CEMENT  
ZINC, LEAD CONCENTRATE  
DETTOL LIQUID, SOAP AND MORTEIN (VARIOUS SIZES)  
RAID (MIK AND CIK 300ML/24) AEROSOL  
COCOA BUTTER  
NIGERIAN DRIED RAW CASHEW NUTS IN SHELL (CROP 2016)  
NIGERIAN DRIED HIBISCUS SIFTINGS (NEW CROP 2016), NIGERIA GUM ARABIC  
ACCACIA  
FABRICATED STEEL RACKS  
SESAME SEEDS NIGER ORIGIN, CASHEW NUTS  
NIGERIAN RAW CASHEW NUTS  
CHINA  
GHANA  
NEPAL  
80 BNOT HAREL NIGERIA LIMITED  
81 CROWN FLOUR MILLS LIMTED  
82 COTTON GINNING COMPANY LIMITED  
83 CYBELE COSMETICS LIMITED  
84 POPULAR FARMS AND MILLS LIMITED  
85 GBEMTAN INVESTMENT LIMITED  
86 KHAMSUSI NIGERIA LIMITED  
87 TONGYI ALLIED MINING LIMITED  
88 RECKITT BENCKISER NIGERIA LIMITED  
89 SC JOHNSON & SONS NIGERIA LIMITED  
90 JOF NIGERIA LIMITED  
THAILAND  
CONGO,TANZANIA  
VIETNAM  
SPAIN  
NIAMEY, NIGER  
CHINA  
GHANA, CAMEROON  
GHANA  
NETHERLANDS  
INDIA  
91 RISU NIGERIA LIMITED  
817,012.72  
INDIA, RUSSIA  
92 FULLMARK COMMODITIES LIMITED  
93 CADLEY LOGISTICS LIMITED  
94 3F NIGERIA IMPEX LIMITED  
816,278.96  
804,891.75  
785,741.88  
CONGO, DEMOCRATIC REPUBLIC OF THE  
INDIA, CHINA  
INDIA  
95 ORBIT AGRO EXPORTS LIMITED  
ANDREWS LIVER SALT (LEMON, REGULAR, LEMON & ORANGE), PANADOL  
SUSPENSION- 60 ML, HORLICKS (400G & 450G),  
783,638.65  
GHANA  
96 GLAXOSMITHKLINE CONSUMER NIGERIA PLC  
BELGIUM, FRANCE,GERMANY, GHANA,INDIA, KUWAUT,  
LATVIA, MOROCCO, RUSHIA, SPAIN, TURKEY, UNITED ARAB  
EMIRATES (UAE), UNITED KINGDOM, UNITED STATE OF  
AMERICA  
774,662.00  
NIGERIAN DRIED SPLIT GINGER, NIGERIA BEEWAX  
97 TOUTON NIGERIA LIMITED  
98 COURTYARD FARMS LIMITED  
750,000.00  
739,002.79  
GOOD FERMENTED NIGERIAN COCOA BEANS (MAIN CROP 2015/2016)  
NIGERIAN DRIED SPLIT KOLANUTS, NIGERIAN DRIED SPLIT GINGER  
NETHERLANDS, SPAIN, UNITED KINGDOM  
VAHL INTERNATIONAL & NATURAL GOODS  
LIMITED  
99  
UNITED STATES OF AMERICA  
BRAZIL, ISREAL MOROCCO  
UREA GRANULAR FERTILIZER, GRANULAR IN BULK, FULLY REFRIDGERATED  
ANTHDOUS AMMONIA IN BULK  
713,674.00  
100 NOTORE CHEMICAL INDUSTRIES PLC  
909,453,113.74  
TOTAL VALUE  
Source: CBN  
123  
Table 68  
Exchange Rate Movements  
(Naira per US Dollar)  
Month  
CBN WDAS/RDAS Rate  
Bureaux de Change  
Interbank Rate  
2015  
2013  
2014  
2015  
2016  
2017  
2013  
2014  
2015  
2016  
2017  
2013  
2014  
2016  
2017  
January  
February  
March  
April  
May  
June  
July  
August  
September 157.32  
October  
157.30  
157.30  
157.31  
157.31  
157.30  
157.31  
157.32  
157.31  
157.29  
157.31  
157.30  
157.29  
157.29  
157.29  
157.29  
157.29  
157.30  
157.31  
160.00  
169.68  
158.55  
169.68  
169.68  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
Closed  
159.12  
158.70  
159.80  
159.81  
159.57  
160.98  
162.43  
162.28  
163.14  
165.00  
167.14  
171.40  
162.45  
171.71  
169.45  
171.52  
170.25  
166.85  
167.17  
167.71  
170.36  
168.64  
169.43  
175.85  
188.45  
171.45  
196.13  
213.03  
222.93  
210.70  
219.55  
218.98  
237.15  
216.64  
222.68  
224.98  
232.40  
258.30  
222.79  
289.78 493.29  
329.83 494.70  
320.93 429.48  
320.71 392.89  
336.93 384.48  
351.82 366.25  
364.47 365.38  
396.15 365.57  
431.10 365.55  
462.03 362.21  
415.36 362.41  
455.26 362.83  
156.96  
157.52  
158.38  
158.20  
158.02  
160.02  
161.12  
161.15  
161.96  
159.83  
158.79  
159.05  
159.25  
160.23  
163.62  
164.62  
162.19  
161.86  
162.82  
162.25  
161.99  
162.93  
164.64  
171.10  
180.33  
164.88  
181.78  
194.48  
197.07  
197.00  
197.00  
196.92  
196.97  
197.00  
197.00  
196.99  
196.99  
196.99  
195.52  
197.00 305.20  
197.00 305.31  
197.00 306.40  
197.00 306.05  
197.00 305.54  
231.76 305.72  
294.57 305.86  
309.73 305.67  
305.23 305.89  
305.21 305.62  
305.18 305.90  
305.22 306.31  
253.49 305.79  
157.42  
157.27  
157.27  
157.31  
November  
December  
Average  
372.86  
490.00  
395.42  
End-Period 157.26  
169.68  
172.00  
191.50  
267.00  
159.90  
180.00  
197.00  
305.00  
Notes: The CBN closed down the retail Dutch Auction System (rDAS) segment of the FOREX market on February 18, 2015.  
The Interbank Rate became the reference official exchange rate on February 18, 2015.  
124  
Table 69  
International Investment Position of Nigeria 1/  
(US$’ Millions)  
Type of Asset/Liability  
2013  
2014  
2015  
2016  
2017 /2  
Net international investment position of Nigeria  
(13,265.40)  
(34,974.09)  
(43,190.71)  
(52,704.08)  
(57,799.14)  
ASSETS  
150,829.02  
8,644.65  
8,644.65  
-
19,883.84  
17,505.46  
-
-
17,505.46  
148,362.73  
10,258.94  
10,258.94  
-
23,332.99  
20,264.78  
-
-
20,264.78  
145,685.61  
11,694.15  
11,694.15  
-
25,009.48  
21,605.98  
-
-
21,605.98  
139,969.54  
12,999.19  
12,999.19  
-
25,186.90  
21,747.91  
-
-
21,747.91  
153,908.01  
14,285.36  
14,285.36  
-
25,194.14  
21,753.70  
-
-
21,753.70  
Direct investment abroad  
Equity Capital and Reinvested Earnings  
Other Capital  
Portfolio investment abroad  
Equity Securities  
Monetary Authority  
General Government  
Banks  
Other Sector  
-
2,378.38  
-
3,068.21  
-
3,403.51  
-
3,438.99  
-
3,440.44  
Debt Securities  
Bonds and Notes  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other Sector  
-
2,378.38  
-
3,068.21  
-
3,403.51  
-
3,438.99  
-
3,440.44  
Money Market  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
2,378.38  
-
3,068.21  
-
3,403.51  
-
3,438.99  
-
3,440.44  
Other Sector  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Financial Derivatives  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
Other Sector  
Other Assets  
-
79,453.21  
-
80,529.25  
-
80,697.15  
-
74,792.88  
-
75,075.01  
Trade Credit  
16,079.71  
-
13,577.39  
-
7,543.19  
-
5,704.75  
-
7,531.64  
-
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
16,079.71  
9,107.15  
-
-
13,577.39  
11,925.83  
-
-
7,543.19  
13,886.51  
-
-
5,704.75  
12,489.70  
-
-
7,531.64  
14,299.52  
-
Other Sector  
Loans  
Monetary Authority  
Long-term  
Short-term  
General Government  
Long-term  
Short-term  
-
-
-
-
-
Banks  
2,949.95  
3,836.82  
3,118.98  
2,578.10  
2,072.52  
Long-term  
Short-term  
Other Sector  
Long-term  
Short-term  
2,949.95  
6,157.20  
6,157.20  
3,836.82  
8,089.01  
8,089.01  
3,118.98  
10,767.53  
10,767.53  
2,578.10  
9,911.59  
9,911.59  
2,072.52  
12,227.00  
12,227.00  
Currency and Deposits  
Monetary Authority  
General Government  
Banks  
54,266.36  
-
9,261.30  
10,672.90  
34,332.16  
42,847.31  
55,026.03  
-
9,939.89  
11,703.36  
33,382.78  
34,241.54  
59,267.46  
-
8,589.04  
7,239.52  
43,438.90  
28,284.82  
56,598.43  
-
8,489.20  
5,949.20  
42,160.03  
26,990.58  
53,243.85  
-
7,982.07  
4,112.41  
41,149.37  
39,353.49  
Other Sector  
Reserve Assets  
Gold  
Special Drawing Rights  
Reserve Position in the Fund (IMF)  
Foreign Exchange  
2,579.58  
2,426.28  
2,323.05  
2,009.62  
2,130.36  
40,267.73  
31,815.26  
25,961.77  
24,980.96  
37,223.13  
125  
Table 69 Cont’d  
International Investment Position of Nigeria 1/  
(US$’ Millions)  
Type of Asset/Liability  
LIABILITIES  
2013  
2014  
2015  
2016  
2017 /2  
211,707.15  
97,687.14  
95,815.38  
1,871.76  
72,408.65  
30,534.04  
-
164,094.41  
81,977.41  
80,126.09  
1,851.32  
54,162.23  
26,716.30  
-
183,336.82  
86,671.23  
84,806.89  
1,864.34  
59,454.99  
27,761.26  
-
188,876.32  
89,735.40  
87,866.84  
1,868.56  
61,990.19  
27,284.64  
-
192,673.62  
94,184.14  
92,314.69  
1,869.44  
63,877.88  
27,609.77  
-
Direct investment in Reporting Economy  
Equity Capital and Reinvested Earnings  
Other Capital  
Portfolio Investment in Reporting Economy  
Equity Securities  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
-
-
-
-
Other Sector  
26,716.30  
27,445.92  
22,124.81  
27,761.26  
31,693.73  
25,347.61  
27,284.64  
34,705.55  
27,787.81  
27,609.77  
36,268.11  
28,772.52  
30,534.04  
41,874.62  
31,170.16  
Debt Securities  
Bonds and Notes  
Monetary Authority  
General Government  
Banks  
22,124.81  
-
25,347.61  
-
27,787.81  
-
28,772.52  
-
31,170.16  
-
Other Sector  
-
5,321.12  
-
6,346.13  
-
6,917.74  
-
7,495.59  
-
10,704.45  
-
Money Market  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
5,321.12  
-
6,346.13  
-
6,917.74  
-
7,495.59  
10,704.45  
-
Other Sector  
-
-
-
-
Financial Derivatives  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other Sector  
Other Liabilities  
Trade Credit  
-
27,954.78  
-
37,210.59  
-
37,150.72  
-
34,611.61  
-
41,611.36  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Monetary Authority  
General Government  
Banks  
Other Sector  
Loans  
20,239.31  
-
25,887.36  
-
25,081.49  
-
24,462.07  
-
29,710.01  
-
Monetary Authority  
Long-term  
Short-term  
General Government  
Long-term  
Short-term  
6,527.07  
6,527.07  
-
3,677.46  
3,677.46  
-
10,034.78  
10,034.78  
-
7,715.47  
9,711.45  
9,711.45  
-
6,110.64  
6,110.64  
-
10,065.27  
10,065.27  
-
11,323.23  
10,718.43  
10,718.43  
-
6,808.16  
6,808.16  
-
7,554.90  
7,554.90  
-
12,069.24  
11,406.28  
11,406.28  
-
6,080.08  
6,080.08  
-
6,975.71  
6,975.71  
-
10,149.53  
15,352.13  
15,352.13  
-
6,682.88  
6,682.88  
-
7,675.00  
7,675.00  
-
11,901.35  
Banks  
Long-term  
Short-term  
Other Sector  
Long-term  
Short-term  
Currency and Deposits  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
7,715.47  
-
-
11,323.23  
-
-
12,069.24  
-
-
10,149.53  
-
-
11,901.35  
-
Other Sector  
1/ Revised  
2/ Provisional  
126  
Source: CBN  
Table 70  
International Investment Position of Nigeria 1/  
(Naira Millions)  
Type of Asset/Liability  
2013  
2014  
2015  
2016  
2017 /2  
Net international investment position of Nigeria (2,069,116.46) (5,934,404.25) (8,486,974.55) (16,048,391.81) (17,657,637.00)  
-
23,526,083.88 25,174,187.68 28,627,222.12 42,620,725.84 47,018,896.14  
-
-
-
-
ASSETS  
Direct investment abroad  
1,348,379.46  
1,348,379.46  
-
1,740,737.61  
1,740,737.61  
-
2,297,900.01  
2,297,900.01  
-
3,958,251.95  
3,958,251.95  
-
4,364,178.18  
4,364,178.18  
-
Equity Capital and Reinvested Earnings  
Other Capital  
Portfolio investment abroad  
Equity Securities  
Monetary Authority  
3,101,451.93  
2,730,475.86  
-
3,959,141.16  
3,438,527.57  
-
4,914,363.61  
4,245,574.33  
-
7,669,412.28  
6,622,239.28  
-
7,696,810.32  
6,645,756.09  
-
General Government  
Banks  
Other Sector  
-
2,730,475.86  
-
-
3,438,527.57  
-
-
4,245,574.33  
-
-
6,622,239.28  
-
-
6,645,756.09  
-
Debt Securities  
370,976.07  
-
520,613.59  
-
668,789.28  
-
1,047,173.01  
-
1,051,054.22  
-
Bonds and Notes  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other Sector  
-
370,976.07  
-
520,613.59  
-
668,789.28  
-
1,047,173.01  
-
1,051,054.22  
Money Market  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
370,976.07  
-
520,613.59  
-
668,789.28  
-
1,047,173.01  
-
1,051,054.22  
Other Sector  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Financial Derivatives  
Monetary Authority  
General Government  
Banks  
Other Sector  
Other Assets  
12,392,993.25 13,664,203.87 15,856,990.83 22,774,430.54 22,935,416.35  
2,508,088.74  
Trade Credit  
2,303,811.97  
-
1,482,236.81  
-
1,737,096.36  
-
2,300,916.60  
-
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
-
2,508,088.74  
-
2,303,811.97  
-
1,482,236.81  
-
1,737,096.36  
-
2,300,916.60  
Other Sector  
Loans  
1,420,519.25  
-
2,023,575.25  
-
2,728,698.70  
-
3,803,112.27  
-
4,368,504.34  
-
Monetary Authority  
Long-term  
Short-term  
-
-
-
-
-
-
-
-
-
-
General Government  
Long-term  
Short-term  
-
-
-
-
-
-
-
-
-
-
-
-
651,032.38  
-
651,032.38  
1,372,542.88  
1,372,542.88  
-
-
612,879.06  
-
612,879.06  
2,115,819.65  
2,115,819.65  
-
-
785,032.81  
-
785,032.81  
3,018,079.46  
3,018,079.46  
-
-
633,155.84  
-
633,155.84  
3,735,348.50  
3,735,348.50  
-
Banks  
460,129.06  
-
460,129.06  
960,390.20  
960,390.20  
-
Long-term  
Short-term  
Other Sector  
Long-term  
Short-term  
Currency and Deposits  
Monetary Authority  
General Government  
Banks  
8,464,385.25  
-
9,336,816.64 11,646,055.31 17,234,221.91 16,265,995.41  
-
1,686,600.30  
1,985,826.23  
5,664,390.11  
5,810,105.05  
-
411,691.66  
-
5,398,413.39  
-
-
-
1,444,563.26  
1,664,743.17  
5,355,078.82  
6,683,259.24  
-
402,358.40  
-
6,280,900.84  
1,687,745.75  
1,422,564.82  
8,535,744.74 12,837,730.61 12,571,132.34  
2,584,960.63  
1,811,530.68  
2,438,521.54  
1,256,341.53  
Other Sector  
Reserve Assets  
Gold  
5,557,967.67  
8,218,631.07 12,022,491.30  
-
456,480.09  
-
-
611,929.65  
-
-
650,823.70  
-
Special Drawing Rights  
Reserve Position in the Fund (IMF)  
Foreign Exchange  
5,101,487.58  
7,606,701.41 11,371,667.60  
127  
Table 70 Cont’d.  
International Investment Position of Nigeria 1/  
(Naira Millions)  
Type of Asset/Liability  
LIABILITIES  
2013  
2014  
2015  
2016  
2017 /2  
25,595,200.34 31,108,591.93 37,114,196.68 58,669,117.65 64,676,533.14  
12,786,712.78 14,706,375.05 17,633,006.75 28,679,069.48 29,843,419.85  
12,497,946.96 14,390,033.18 17,265,833.95 28,109,823.82 29,271,597.53  
Direct investment in Reporting Economy  
Equity Capital and Reinvested Earnings  
Other Capital  
Portfolio investment in Reporting Economy  
Equity Securities  
Monetary Authority  
General Government  
Banks  
288,765.83  
8,448,142.88 10,088,323.28 12,181,072.65 19,450,813.64 22,120,843.13  
316,341.87  
367,172.80  
569,245.66  
571,822.32  
4,167,169.14  
-
4,710,530.67  
-
5,361,431.94  
-
8,407,173.72  
-
9,328,147.83  
-
-
-
-
-
-
-
4,167,169.14  
-
4,710,530.67  
-
5,361,431.94  
-
8,407,173.72  
-
9,328,147.83  
Other Sector  
Debt Securities  
Bonds and Notes  
Monetary Authority  
General Government  
Banks  
4,280,973.73  
3,450,994.17  
-
3,450,994.17  
5,377,792.62  
4,300,981.64  
-
4,300,981.64  
6,819,640.71 11,043,639.92 12,792,695.30  
5,460,305.22  
8,761,231.59  
9,522,485.23  
-
5,460,305.22  
-
8,761,231.59  
-
9,522,485.23  
-
-
-
-
-
Other Sector  
-
829,979.57  
-
1,076,810.97  
-
1,359,335.49  
-
2,282,408.33  
-
3,270,210.07  
Money Market  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
829,979.57  
-
1,076,810.97  
-
1,359,335.49  
-
2,282,408.33  
-
3,270,210.07  
Other Sector  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Financial Derivatives  
Monetary Authority  
General Government  
Banks  
-
-
Other Sector  
Other Liabilities  
Trade Credit  
-
4,360,344.68  
-
6,313,893.60  
7,300,117.28 10,539,234.54 12,712,270.16  
-
-
-
-
-
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Other Sector  
Loans  
-
3,156,897.99  
-
4,392,567.65  
-
4,928,511.93  
-
7,448,701.15  
-
9,076,407.85  
Monetary Authority  
Long-term  
Short-term  
General Government  
Long-term  
Short-term  
-
-
-
-
-
-
-
-
-
-
-
1,018,082.59  
1,018,082.59  
-
573,604.85  
573,604.85  
-
1,565,210.56  
1,565,210.56  
-
1,203,446.69  
-
1,647,838.84  
1,647,838.84  
-
1,036,853.12  
1,036,853.12  
-
1,707,875.69  
1,707,875.69  
-
1,921,325.95  
-
2,106,171.79  
2,106,171.79  
-
1,337,802.89  
1,337,802.89  
-
1,484,537.26  
1,484,537.26  
-
2,371,605.35  
-
3,473,212.26  
3,473,212.26  
-
1,851,384.28  
1,851,384.28  
-
2,124,104.61  
2,124,104.61  
-
3,090,533.39  
-
4,690,075.72  
4,690,075.72  
-
2,041,619.63  
2,041,619.63  
-
2,344,712.50  
2,344,712.50  
-
3,635,862.32  
Banks  
Long-term  
Short-term  
Other Sector  
Long-term  
Short-term  
Currency and Deposits  
Monetary Authority  
General Government  
Banks  
-
-
-
-
-
-
-
-
-
-
1,203,446.69  
-
1,921,325.95  
-
2,371,605.35  
-
3,090,533.39  
-
3,635,862.32  
-
Other Sector  
1/ Revised  
2/ Provisional  
Source: CBN  
128